United States markets have fended off a multi-day consecutive stint of daily losses which have been sustained on back-to-back days which have plagued the Dow Jones Industrial Average (DJIA) and the S&P 500 Index (SPY) as well.
Market recap during trading from earlier this morning; In trading the S&P 500 broke below long-term support of 125.28 points during its eighth consecutive day of loss (intraday) while the DJIA descended beneath intermediate support of 11862.53 points during its ninth consecutive day loss (intraday, long-term situated at 11555.7).
It should be noted that the DJIA & S&P 500 both managed to rally in late trading to prevent a eighth day of overall loss and the prevention of a ninth day of loss for the DJIA. Furthermore, however, a pullback does not automatically guarantee that investors will see a continued rally in the immediate future. Trading in general has bearish bias post-May 2nd, 2011, which is the date of the most recent high for the S&P 500 and the DJIA.
Looking over to precious metals, despite setting another new record high, gold in fact closed trading today with a daily loss. Silver, on the other hand, managed to close trading today with a gain. Oil continues another day of trading with a loss.
The financial sector in general performed well as Citigroup, Bank of America, Wells Fargo, Barclays and JPMorgan Chase & Co. all closed with a positive daily gain despite slipping throughout the majority of intraday trading.
Much like the financial sector and the market in general, technology rose after an initial bumpy ride throughout trading until the last couple hours of trading today. AMD, Intel, Apple, IBM, Google and nVidia all closed with gains today.
Institutional and private traders alike are looking forward to Friday trading to see whether this change of heart (of sorts) will continue as the final tone of trading at the end of this week will likely carry over into trading of next week to a degree.