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Rally Stalls At Resistance

The major averages traded in a narrow range on both sides of the break-even line today before drifting lower into the close. 

Economic data was mixed with October Pending Home Sales down -2.6%, and below estimates, while Consumer Spending rose +0.6%, its biggest monthly gain since March. 

The different indexes nudged into resistance levels midday but the move stalled the last hour of trading. Materials (XLB) and Energy (XLE) outperformed while Technology (XLK) and Financials (XLF) lagged. The latter on a dip in the 10-year Treasury yield to 3.02%. 

Boeing (BA) was the best performer in the Dow as the senior index eased 27.59 points (-0.11%) and settled at 25338.84. The S&P 500 ran into resistance at its 200-day moving average (2761) before giving up 5.99 points (-0.22%) and finishing at 2737.80. The NASDAQ lost 18.51 points (-0.25%) to 7273.08. 

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