Stock Indices: Dow Jones gains the most since March 11th, Goldman Sachs, Caterpillar support

On Tuesday Dow Jones Industrial Average traded within the range of 17,742.07-17,934.58. The benchmark closed at 17,928.35, surging 1.26% (222.44 points) on a daily basis. It has been the 41st gain in the past 70 trading days and also the steepest one since March 11th, when it soared 1.28%. The daily high has been the highest level since April 28th, when a high of 18,035.73 was registered. The blue-chip gauge has erased earlier losses and is now up 0.87% so far during the current month, following three successive months of advance.

Among the companies included in the benchmark, only 2 registered a drop and 28 recorded gains on Tuesday. The stock of Wal-Mart Stores Inc (WMT), after being the best performer for two straight trading sessions, recorded the largest drop within the Dow on May 10th, going down 0.23% to close at $68.79. It has been the 10th drop in the past 22 trading days, but yet, the least since April 19th, when the stock edged down 0.13%. May 10th high of $69.12 has been the highest level since April 28th, when a high of $69.62 was registered. Wal-Mart shares have trimmed gains to 2.87% so far in May, following a 2.37% slump in April. Yesterday the worlds largest retailer filed a civil lawsuit against Visa in order to compensate losses in relation with the major credit cards signature transaction. According to the retailer, higher rates for signature transactions have been charged by Visa compared to pin transactions via debit card purchases.

At the same time, the shares of Goldman Sachs Group Inc (GS) recorded the most notable daily increase within the DJIA on May 10th, going up 2.48%, to close at $161.42, while marking their 12th gain in the past 22 trading days and also the sharpest one since April 20th, when a 2.66% surge was registered. May 10th high of $161.50 has been the highest price level since May 4th, when a high of $162.60 was registered. In addition, the daily trading volume (2.38M) has been the highest since May 4th. Goldman Sachs has lost 1.64% of its market value so far in May, following two consecutive months of advance.

Caterpillar Inc (CAT) was the second best performer within the Dow on Tuesday, rising 2.44%, to close at $72.51. It has been the 11th gain in the past 22 trading days and also the steepest one since April 13th, when the stock went up 3.98%. May 10th high of $72.71 has been a higher-high test of the high from May 9th. The stock has lost 6.70% of its market value so far in May, following three consecutive months of gains. The shares received a boost on Tuesday, after being the worst performer on Monday, as gold prices rebounded from two-week lows.

Daily and Weekly Pivot Levels

By employing the Camarilla calculation method, the Wednesday pivot levels for DJIA are presented as follows:

R1 – 17,946.00
R2 – 17,963.64
R3 (range resistance) – 17,981.29
R4 (range breakout) – 18,034.23

S1 – 17,910.70
S2 – 17,893.06
S3 (range support) – 17,875.41
S4 (range breakout) – 17,822.47

By using the traditional method of calculation, the weekly pivot levels for DJIA are presented as follows:

Central Pivot Point – 17,744.45
R1 – 17,908.53
R2 – 18,076.42
R3 – 18,240.50

S1 – 17,576.56
S2 – 17,412.48
S3 – 17,244.59