Tuesday, March 29, 2011

Dow Jones Shows Toppish Sign Following The Inverted Hammer Formation.

Dow Jones rose as much as 50 points in the early session following the better-than-expected February consumer spending and pending home sales reports. However, late profit taking eroded the entire gains and brought a three-day rally to a modest drop of 23 points, amid cautious earnings warning from Marriott and expectations of other negative corporate earnings pre-announcements.

U.S. stocks slid into negative territory within the shadow of the closing bell despite strength in the telecommunications sector and an eighth straight monthly rise in consumer spending. Worries over the ongoing geopolitical turmoil continued to
weigh while much of the market appeared focused on several key data points later in the week, capped by Friday's government-payrolls report. The Dow Jones Industrial Average declined 22.71 points, or 0.2%, to 12,197.88. The S&P 500 slipped 3.61 points, or 0.3%, to 1310.19.

U.S. consumer spending rose for an eighth straight month in Feb as households tapped savings to cover higher food and energy prices. Spending rose 0.7% in February (+0.3% in Jan), the Commerce Department said. Adjusted for inflation, spending was up a far smaller 0.3% last month after being flat the prior month.

News of mounting problems in Japan's battle to contain the nuclear crisis since Chernobyl also dampened sentiment.

Dow Jones Shows Toppish Sign Following The Inverted Hammer Formation.

Source: StockCharts.com

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