DJIA Shrugs Off China to Close Higher

The Dow racked up a 0.3% gain, while the SPX elbowed above breakeven

by 3/12/2012 4:30:44 PM
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Crude futures fell today on news of China's wider-than-anticipated trade gap, snapping a three-day winning streak in the process. The disappointing data, which was attributed to slower export demand, exacerbated pre-existing worries about the economic health of the world's No. 2 oil consumer. Meanwhile, traders also weighed lingering concerns over debt-riddled Greece, as well as disappointing GDP data from Italy. By the end of the session, April-dated oil declined by $1.06, or 1%, to finish at $106.34 per barrel.

Likewise, gold futures also ended their three-day string of consecutive daily wins, thanks to the aforementioned trade data out of China -- which is a significant consumer of bullion. The malleable metal was also pressured by a strengthening dollar. By the time the dust settled, gold for April delivery slipped by $11.70, or 0.7%, to end at $1,699.80 per ounce.

Levels to Watch in Trading:

  • Dow Jones Industrial Average (DJIA 12,959.71) - support at 10,500; resistance at 13,000
  • S&P 500 Index (SPX 1,371.09) - support at 1,100; resistance at 1,400
  • Nasdaq Composite (COMP 2,983.66) - support at 2,400; resistance at 3,000



OUTPERFORMING AND UNDERPERFORMING SECTORS

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SCHAEFFER'S MARKET POSTURE


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