The US Dollar strength today looked like some serious flight to quality taking place.
The Yen was under pressure the entire trading session.
S&P 500 2,002.28 -1.09 -0.05%
DOW 30 17,067.56 -30.89 -0.18%
NASDAQ 4,598.19 +17.92 +0.39%
Russell 2000 1,179.47 +5.12 +0.44%
S&P nudged above last week’s peak (2005) to set a new ATH intraday (2006.12) while the Nasdaq Comp recorded a similar mark to establish a new multi-year high the Dow however did not.
The Dow and Nasdaq Comp set new session highs mid-morning but the S&P momentum faded after the opening rise and sputtered the rest of the midday session with the indices slipping to new session lows in early afternoon trade. A steady grind higher during the afternoon led to a mixed finish with the outperforming Nasdaq Comp closing just off the high.
Sectors that underperformed Gold Miners GDX, Natural Gas UNG, Casino BJK, Crude Oil USO, Gold GLD, Silver SLV, Oil Service OIH, Energy XLE, Mining XME, Utility
XLU. Sector groups that finished on the plus side included: Airline, Transports IYT, Auto, Reg Bank KRE, Trucking, Internet FDN, Software IGV, Bank KBE,
The S&P 500 Resistance is above the high (2006) and at a Fib Extension target near 2010. Support is at 1998/1997.