"Late yesterday, the S&P 500 Index (SPX) broke below the 1,840 area, which had been a pretty significant area of former resistance and support," noted Schaeffer's Senior Equity Analyst Joe Bell, CMT. "Once that was breached, we saw an increase in selling pressure and downward momentum that continued this morning. JPMorgan Chase & Co. (NYSE:JPM) also released its earnings report, and market participants were less than impressed. The session began on a negative note, and the selling pressure never really let up." By the close, the Dow Jones Industrial Average (DJI) had surrendered another 0.9%, bringing its weekly loss to roughly 2.4%.
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The Dow Jones Industrial Average (DJI - 16,026.75) continued to slide into the red, notching an intraday low of 16,015.32 before settling off 143.5 points, or 0.9%. On a weekly basis, the blue-chip index slumped 2.4%. Twenty-five Dow components closed lower on the day, with JPM bringing up the rear, down 3.7%. Travelers Companies Inc (NYSE:TRV) paced the advancing minority, adding 0.4%.
The S&P 500 Index (SPX - 1,815.69) also spiraled lower on the day, giving back 17.4 points, or 1%, to close at its lowest point since Feb. 10. The Nasdaq Composite (COMP - 3,999.73) declined 54.4 points, or 1.3%, to finish below the 4,000 level for the first time since Feb. 3. This week, the SPX dropped 2.6%, while the COMP lost 3.1%.
The CBOE Volatility Index (VIX - 17.03) continued to mount an advance, adding 1.1 points, or 7.2%, to bring its week-over-week gain to 22%.
A Trader's Take:
"Technology stocks and small-caps kept underperforming, as the higher-beta names continued to get hit," added Bell. "Interestingly enough, the Nasdaq Composite is now set to battle with the round-number 4,000 area, which marked a bottom in early February."
5 Items on Our Radar Today:
For a look at today's options movers and commodities activity, head to page 2.
The Case for Big Moves in IWM and QQQ
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