The market ended the day mixed. The Dow and S&P 500 were down slightly, while the NASDAQ closed slightly higher. The rally seems to be pausing for tomorrow’s Federal Reserve meeting. There was some interesting action though. The NASDAQ tried twice to break above its December 2002 highs. It was turned back both times. The Dow, on the other hand, threatened to break below its war rally highs at 8521, but was able to bounce off of that level… twice. Clearly some technical traders were having fun today gunning for these highly watched levels on the indices. Bottom line is that the market is taking a well deserved rest.
Points of interest:
-
NASDAQ volume was the highest of 2003, but the index made little progress.
-
The NASDAQ, along with many individual stocks made shooting stars today.
-
The Dow was able to bounce off of a key support level.
-
The NASDAQ and S&P 500 failed the test of their December highs.
-
The dollar continued its slide against the Euro.
