S&P 500 Index Plunges After US Hiring Drops September 2011 Technical Analysis

Date: 9/2/2011

S&P 500 Index Plunges After US Hiring Drops September 2011 Technical Analysis. Weekly closing levels and market commentary on the S&P 500 recent performance to the US Economic Jobs Report.

The S&P 500 encountered resistance near the 1230 zone, which marks the 50% retracement level between the July high and August low. This was after a Consumer Confidence Index reading of 44.5 for August; it was the worst level for the Index since April 2009. Aggressive selling on Friday extended a slide that started on Thursday.

That effectively erased gains staged in the first half of the week, giving the stock market a fractional weekly loss.The S&P 500 index closed down 30.45 points or 2.53% to close at 1,173.97.On the NYSE selling was broad-based as decliners lead advancers 81% to 17% but downside volume lead the markets 8:44 to 1.The Nasdaq composite index closed down 65.71 or 2.58% to close at 2,480.33. Decliners lead advancers 14:1. Gold Closed up up 3.04% to close at 1,881.6 while Silver Closed up 4.26% to close at $43.25.

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