By Markus Heitkoetter
U.S. stocks closed lower today, giving back a portion of Friday’s Jobs Report rally.
Stocks tried to find some sense of direction early on but remained in a narrow range for most of the morning. Ultimately selling took over, as stocks traded lower in the afternoon and ended the session at lows of the day.
The DOW dropped 86 points today and closed at 18,105.17. While the 18,000 mark appears to be the line in the sand between the bulls and the bears, the 18,200 mark now appears to be strong resistance. Although the DOW has made multiple attempts at 18.200, the DOW hasn’t closed above this level since the beginning of March.
The RUSSELL had the best performance today and was the only major index to end the day in positive territory. The RUSSELL finished the session with a .1% gain.
And the quote of the day goes to Kevin Mahn, president of Parsippany who said “The best way to characterize the market right now is trendless volatility.” We couldn’t have said it better ourselves.
It might be a quiet week for the economic calendar but Retail Sales at 8:30am ET on Wednesday should get some attention. Crude Oil Inventories released on the same day at 10:30am ET is another report to watch. With a recent pullback from highs of the year the inventory numbers could confirm speculation that there is a global oversupply problem.
Cisco Systems Inc. (CSCO) made a nice move higher before reversing and ending the day at $29.21 with a .07% loss. The early move was enough to take out a PowerX ADR Profit Target at $29.47 before the reversal.
A PowerX Method Buy Signal was identified on April 13th.