The day ends with the Dow Jones Industrial Average (DJIA) more or less flat as it rebounded from a morning selloff. The same could be said for the S&P 500 (SPX) and Russell 2000 (RUT) while the Nasdaq Composite (COMP) posted a minor loss. The streetTRACKS Gold (GLD) and AMEX Pharmaceutical Index (DRG) led while the Oil Service HOLDRS (OIH), SPDR Homebuilders (XHB), and Amex Networking Index (NWX) lagged.
My midday post touched on the lackluster action this week. Compared to last Friday's close, the Dow gained 47 points. The S&P 500 and Russell 2000 were flat while the Nasdaq Composite lost 1%. The headlines below offer a play-by-play of how the week progressed.
I ended last week saying I was watching the SPX and COMP to see if they could breakout. As discussed the last few days, the indexes did tick above resistance but didn't secure the sort of decisive breakout I was looking for. They have now drifted back below resistance and the Russell 2000 is at support. The Dow is the lone breakout holdout. With the Thanksgiving holiday looming, I would expect next week's volume to be light. Regular readers have seen me note that I tend to put less emphasis on the charts around holidays. I will still be watching the action but I think we may end up with a higher potential for whipsaw moves. And that is where I will pick up on Monday. Have a great weekend.
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