Tuesday January 31, saw all three indexes move lower on concerns over lower than expected earnings combined with the firing of the Attorney General and the appointing of a new interim Attorney General by President Trump. Investors remain concerned over decisions being made by the Trump Presidency. One of the shockers of the day came from Under Armour. Its stock lost 23.4 percent to close at $19.22.
During the day the markets dipped several times but each time buyers stepped back in. Late in the afternoon another dip saw buying pick up quickly and the S&P and NASDAQ recovered their losses while the Dow cut its loss to 107 points. It was a strong finish to the day and should set up Wednesday for the bounce attempt I had written about for Tuesday.
S&P Index Close
The S&P index ended the day down just 2.03 points to 2278.87
Dow Jones Index Close
The Dow Jones ended down 107.04 to close at 19,864.09
NASDAQ Index Close
The NASDAQ closed up 1.07 points to end the day at 5614.79
Stock Market Outlook
Support Levels To Be Aware Of:
The market has been trying to build support at the 2250 level. There is light support at 2195 but better support is at 2180 and then 2150.
There is no technical chart for tonight.
Stock Market Outlook for Tomorrow – Wednesday Feb 1 2017
After 4 days of selling, including two days where selling hit levels not seen since early November in the days leading to the elections, the market looks ready to bounce back.
The underlying direction of the S&P is still higher and Wednesday should see the market move higher.
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