Weekly Wrap-up - The Dow Jones Industrial Average Drops 260 Points on the Week

The day ends with the Dow Jones Industrial Average (DJIA) showing a loss of 249 points. The S&P 500 (SPX) and Nasdaq Composite (COMP) each lost more than 2% while the Russell 2000 (RUT) dropped 3%.

The iShares Treasury Bond (TLT) and streetTRACKS Gold (GLD) led while the Regional Bank HOLDRS (RKH), Natural Gas Index (XNG), and PowerShares Clean Energy ETF (PBW) were among the hardest hit areas.

For the week, the Dow dropped 260 points, 2.6%. In other words, the blue chip average was essentially flat heading into today and the bulk of the weekly loss came today. The other indexes were on shakier ground. Compared to last Friday's close, the SPX lost 4%, the COMP dropped 5%, and the RUT was hit for 6%.

A look to the daily charts below shows the COMP is now testing near-term support after Thursday's head-fake bounce from oversold territory. As far as next week, I will be watching what Bernie Schaeffer discussed in his post on Wednesday - Schaeffer on Charts: Some Thoughts on the Pullback. And that is where I will pick up on Monday. Have a great weekend.

Chart Courtesy of Thomson Reuters

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Charts Courtesy of Thomson Reuters

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