Reply #23: Dow within striking distance of 11,000

[UpInArms]

http://cbs.marketwatch.com/news/story.asp?guid=%7BB09480E8%2DD526%2D4E73%2D994F%2DAAE8F5EC9C65%7D&siteid=mktw

CINCINNATI (CBS.MW) -- The pre-market bias was flat-to-higher Tuesday with crude oil prices now holding around $41.50 a barrel.

Early buy interest followed a down day for U.S. stocks Monday. The Dow Industrials dropped 51 points, the Nasdaq lost 6 points, and the S&P 500 edged lower by 5.2 points.

The S&P 500's hourly chart above serves as a detailed view of the past two weeks.

After lifting from support last week at 1,194, the S&P rallied, posting three straight sessions of three-year highs -- those were the Wednesday, Thursday and Monday sessions.

Yet after edging slightly higher early Monday, the index sold off, closing just under support at the breakout point around 1,206.

So the S&P just barely scratched out a three-year high Monday, only to end the day in negative ground, and near its session lows.

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