Market Recap 29th Sep 2015 – Is it over, or will it

By Markus Heitkoetter

After another volatile trading session, stocks ended the day mixed.

In early trading, it looked like stocks were ready to work away at yesterday’s losses.

Following a drop at the open, Consumer Confidence gave stocks a nice boost at 10am ET.  September’s 103 reading (versus a 96.2 forecast) was welcomed by the markets. And after the report stocks worked their way towards highs of the day.

But today’s post-report rally was short lived. After the S&P encountered resistance at 1,900, stocks retreated and spent the rest of the session in limbo, oscillating around the U.S. open.

After the dust settled the S&P finished 0.1% higher. Today’s 2.5 point gain brought the S&P’s 5-day slide to an end. The S&P ended the day at 1884.09.

The DOW ended the day with a 0.3% gain. Up 47 points, the DOW finished the session at 16049.13.

While the S&P and DOW managed to end the session in positive territory, the NASDAQ underperformed once again.

The NASDAQ was down 0.6% for the day. Losing 26.5 points, the NASDAQ closed at 4517.32. Since last week’s dip into negative territory for the year, the NASDAQ has lost 4.6%.

Apple Inc (AAPL) was a big factor in today’s NASDAQ drop. AAPL ended the day 3.0% lower at $109.06.

Tomorrow brings us an active economic calendar. Scheduled reports include: ADP Non-Farm Employment Change at 8:15am, Chicago PMI at 9:45am, Crude Oil Inventories at 10:30am, and Fed Chair Janet Yellen speaking at 3:00pm ET.

In addition to reports, traders will keep an eye on key technical levels. Today 1,900 acted as resistance in the S&P, while 16,000 acted as support in the DOW and 4,500 acted as support in the NASDAQ. Traders will see if these levels will continue to act as support and resistance this week.

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