Midday Market Check - The Dow Jones Industrial Average Gives up 145-Point Gain

Despite an early gain, we head into the second half of the session with the Dow Jones Industrial Average (DJIA) back to flat. As the intraday chart shows, the Dow has been slowly sliding from its best levels of the morning, when the average was up 145 points. The S&P 500 (SPX) and Nasdaq Composite (COMP) are posting minor declines while the Russell 2000 (RUT) is down nearly 1%.

Today's strongest groups are the Amex Biotech Index (BTK),streetTRACKS Gold (GLD), and Cyclical Index (CYC). The Broker/Dealer Index (XBD), PowerShares Clean Energy ETF (PBW), and SPDR Homebuilders (XHB) are the weakest areas.

Overall, it is tough for me to get a good read on the action here. The midday reversal isn't encouraging but the day is far from over. I left the action on Friday noting I was watching the support levels that Bernie Schaeffer outlined. With each day that passes, the S&P 500 is creeping toward its 80-day moving average.

Chart Courtesy of Thomson Reuters

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