The Dow Jones Industrial Average managed to close the week up 4.62 points, or 0.04 percent, at 12,777.09, and the S&P 500 added 0.15 percent to 1,356.78. The tech-heavy NASDAQ Composite finished 0.98 percent lower, at 2,908.47.
The Federal Reserve chairman is slated to give his semi-annual report on monetary policy before Congress on Tuesday and Wednesday, and once again Wall Street will be parsing his words for hints that the central bank is willing to pony up some additional quantitative easing sooner rather than later.
Bernanke's comments this week should provide some clarification on whether the continued run of weaker economic data since last month's FOMC meeting have raised the odds of additional monetary action at the next FOMC meeting that concludes on 1st August
dow jones futures for july 16 2012
Today's support: - 12701.20, 12673, 12642.32 and 12600.00(main), where a delay and correction may happen. Break of the latter will give 12543.75, where correction also can be. Then follows 12525.82. Be there a strong impulse, we shall see 12508.00. Continuation will bring 12488.470 and 12457.36.
Today's resistance: - 12870.07(main), where a delay and correction may happen. Break would bring 12888.50, where a correction may happen. Then follows 12905.60, where a delay and correction could also be. Be there a strong impulse, we'd see 12927.30. Continuation would bring 12957.44.
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