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| NASDAQ building (Photo credit: niallkennedy) |
Markets also received a mild boost from jobless claims, which fell to the lowest level since July. But they appeared to ignore a Commerce Department report that revised its Q2 economic growth down to 1.3% from 1.7%, and that in August sales of previously owned homes fell while economists had predicted an increase.
At Thursday’s close, the Dow Jones Industrial Average was up 72 points to 13,486, the S&P 500 rose 14 points to 1,447, and the Nasdaq rose 43 points to 3,137. The NYSE traded 634 million shares and the Nasdaq crossed 406 million. Advancers exceeded decliners on both exchanges by just under 3-to-1.
As discussed in recent Daily Market Outlooks, the major indices have broken out of important resistance to multi-year highs. And this week, as anticipated, each index has pulled back and is in the process of testing the support immediately above the major breakout point, which for the S&P 500 is at 1,418.
On this last day of the month and quarter, anything can happen as institutions do some “dressing up” of their portfolios. And so I will expand the normal chart of the S&P 500 to magnify the various support zones and technical characteristics of the chart so that our readers can get an inside look at what is happening technically.
First, note the intermediate support line drawn with an upward trending solid red line. This is a major support line, and it should hold as it has on three occasions. ... Continue to read.
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