Stocks recovered from an early sell-off on Monday to end the day up.
The Nasdaq climbed 9 to 1304, the S&P 500 rose 9 to 902, and the Dow gained 92 to 8519. Volume declined to 1.14 billion shares on the NYSE, and 1.25 billion on the Nasdaq. Advancers led 18 to 13 on the NYSE, but decliners led 16 to 15 on the Nasdaq.
Nokia gained 1.7% ahead of the company’s mid-quarter update tomorrow morning.
Cisco , Intel
, EMC
and Applied Materials
were among the tech leaders closing down on the day. Lower PC sales forecasts were an early drag on tech stocks.
AOL managed a 1.5% gain despite lowering guidance.
Some technical comments on the market: Note: To see the charts in the text email newsletter, click on the internetstockreport.com story link at the top of the newsletter.
If the S&P 500 is any indication (see first chart below), the market may not have much upside room over the next couple of days, due to rising resistance on the intraday charts. 908-914 would likely be the maximum for tomorrow. The Nasdaq (second chart) has more upside potential, to 1320-1330 tomorrow. However, today’s resistance at 907 on the S&P and 1310 on the Nasdaq would have to be overcome first. In the daily charts (charts three and four), the Dow and S&P have strong support at 8300 and 875-880. 8558 is first resistance on the Dow daily, and 915-920 on the S&P daily chart. The Nasdaq daily (fifth chart) has tough resistance at that 1310 level, and 1263 is the first strong support.
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