By Markus Heitkoetter
Concerns over U.S. involvement in the Middle east and higher than expected unemployment claims put early pressure on stocks. This resulted in a gap lower and stocks opening near lows of the day.
But by the end of the session stocks were higher, and 3 of the 4 main indices were able to close in positive territory. The S&P ended the session 1.75 points higher at 1997.45. We can’t shrug off an “up day”, but it appears as though the S&P is struggling to get back to the 2000 mark.
The DOW was the only major U.S. index that ended the day in negative territory, losing 20 points and ending the day at 17049. Meanwhile small caps and the Russell 2000 led the markets with a .63% gain.
Commodities were hit hard today. Corn Futures (ZC) closed 1.23% lower. Corn is now trading at levels not seen since 2010. With a current Power Crossover Method downtrend in play, it looks like Corn might have some more downside before finding support.