Stocks Drop On Signs Rally Plays
Stocks stopped on Wednesday, the technical measures proposed five-month rally is growing long in the tooth.
Investors were reluctant to make big paris, even though a report showed U.S. private employers added more jobs than expected in January.
The S & P 500 began to look overbought again after two 1/2-year highs Tuesday. A key measure of the strength of the rally suggests stocks are vulnerable to a correction, analysts said.
PHLX Semiconductor Index. SOX ran the resistance around 450, when back-to-back closes above this level for the first time since November 2007. The chips are important indicators for the broader market.
"If the market looks ready for a 5% or more correction, which is one of the top of my list is off? Sure, semiconductor," said Vinny Catalano, chief strategy officer for investments at Blue Marble Research, New York.
Dow closed on Tuesday, a milestone in the 12,000 level for the first time since June 2008 el S & P closed above 1300 levels for the first time since August 2008.
Investors on Wednesday kept an eye on events in Egypt by violent clashes erupted street. The fear that the protests could spread to other countries in the region has pushed share in recent sessions.
Egypt Index ETF Market Vectors (EGPT.P), which consists of shares of companies in Egypt, fell 3.7% after rising for two consecutive days.
Dow Jones Industrial Average. DJI rose 1.81 points, or 0.02%, at least 12,041.97. Standard & Poor's 500 Index. SPX down 3.56 points, or 0.27%, at least 1,304.03. Nasdaq Composite Index. IXIC fell 1.63 points, or 0.06%, at least 2,749.56.
Joseph Hargett, senior strategist at Schaeffer's Investment Research, said Dow should stay above 12,000 as a permanent exhibition of short-term support. "Resistance is now residing in the area from 12,100 to 12,200."
After a setback late last week, the S & P 500 is by looking at some measures of overbought. The index is greater than one standard deviation above its moving average 50 days and weekly relative strength index of more than 70 years.
Sales volumes were not affected by a severe winter storm that led to parts of the U.S. Midwest to a standstill.
The story was different for the futures traders in Chicago, which took a lot of storm victims.
"It ‘s definitely a light in the center here. Pit Store open late. … We are about half the staff," said Frank Lesh, broker and futures analyst with FuturePath Trading LLC in Chicago, where they had fallen over 20 cm of snow.
Volume on the NYSE, Amex and the Nasdaq was 7.26 billion shares, compared to last year's daily average of 8.47 billion euro.
Overall, the United States to list the number is approaching close to the approximately 15.3 million contracts, slightly below the recent average daily volume of option analytics firm Trade Alert.
PHLX Semiconductor Index closed 0.5% 453.91. 450 area is the same as the 23.6% retracement of the slide index to historical highs in 2000 hit a low in November 2008.
The retracement of 23.6% was a breaking point in the trading of index at least five times during the last decade.
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