Stock Indices: Dow Jones falls the most since early February dragged down by Walt Disney, Nike

On Wednesday Dow Jones Industrial Average traded within the range of 17,711.36-17,877.63. The benchmark closed at 17,711.12, plummeting 1.21% (217.23 points) on a daily basis. It has been the 30th drop in the past 71 trading days and also the steepest one since February 11th, when it fell 1.60%. The daily low has been the lowest level since May 9th, when a low of 17,668.38 was registered. The blue-chip gauge has erased earlier gains and is now down 0.35% so far during the current month, following three successive months of advance.

Among the companies included in the benchmark, 29 registered a drop and only 1 recorded gains on Wednesday. The stock of Walt Disney Company (DIS) recorded the largest drop within the Dow on May 11th, going down 4.04% to close at $102.29. It has been the 9th drop in the past 22 trading days and also the steepest one since January 15th, when the stock plunged 5.26%. May 11th low of $100.62 has been the lowest level since April 18th, when a low of $99.50 was registered. In addition, the daily trading volume (27.07M) has been the highest since February 10th. Walt Disney shares have erased earlier gains and are now down 0.94% so far in May, following two consecutive months of decline. Two days ago the company reported quarterly earnings of $1.36 per share, which fell short of market expectations pointing to EPS of $1.60. Additionally, Disneys Q1 revenue was reported to have shrunk to $12.97 billion from $15.24 billion in Q4 2015.

Nike Inc (NKE) was the second worst performer within the DJIA on May 11th, tumbling 3.70% to close at $57.01 per share. It has been the 10th drop in the past 22 trading days and also the sharpest one since March 23rd, when the stock fell 3.79%. May 11th low of $56.85 has been the lowest price level since February 16th, when a low of $56.82 a share was registered. In addition, the daily trading volume (12.82M) has been the highest since April 4th. The athletic apparel manufacturer has lost 3.27% of its market value so far in May, following five consecutive months of decline. In April the stock slumped 4.12%.

At the same time, the shares of Microsoft Corporation (MSFT) recorded the most notable daily increase within the DJIA on May 11th, inching up 0.06%, to close at $51.05, while marking their 13th gain in the past 22 trading days and also a second consecutive one. May 11th high of $51.78 has been the highest price level since April 26th, when a high of $52.35 was registered. Microsoft has gained 2.37% so far in May, following a 9.70% drop in April. The latter has been the most considerable monthly loss since January 2015, when the tech giant lost 13.02% of its market value.

Caterpillar Inc (CAT) was the second best performer within the Dow for a second straight trading session on May 11th, edging down 0.11%, to close at $72.43. It has been the 12th drop in the past 22 trading days and also the smallest one since April 29th, when the stock dipped a mere 0.04%. May 11th high of $73.61 has been the highest price level since May 5th, when a high of $74.60 a share was registered. The stock has lost 6.81% of its market value so far in May, following three consecutive months of gains.

Daily and Weekly Pivot Levels

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

R1 – 17,726.36
R2 – 17,741.60
R3 (range resistance) – 17,756.84
R4 (range breakout) – 17,802.57

S1 – 17,695.88
S2 – 17,680.64
S3 (range support) – 17,665.40
S4 (range breakout) – 17,619.67

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