After the market's tiny move Tuesday, stocks were mixed Wednesday with the Dow down two points at 17,612 and the S&P 500 off one point at 2,038. But the Nasdaq again outperformed with a 14-point gain to 4,675, and the small-cap Russell 2000 was up 6 points at 1,186.
"Sellers had a chance to show some power today, and they didn't have much. Tech went green and the Russell went green, even in the face of falling oil," said Scott Redler, a partner with T3Live.com.
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"It was another attempt to sell the market off and it held there pretty well. It was the first time we opened down six, seven handles it the last six sessions. Sellers had an excuse to take profits with the DAX down 1.6 percent and Europe down across the board," said Redler, who follows the market's short-term technicals.
MacNeil Curry, global head of technical strategy at Bank of America Merrill Lynch, said stock charts look bullish for the S&P 500 to trade up to 2,060, but he's not as bullish on the dollar and said it may be topping against the euro. He said there's support at 123.09 and the euro was trading above that at 1.244 Wednesday afternoon.
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"I think we could trade up to 1.30 … it may have turned," he said. The stronger dollar has been weighing on oil and gold, both lower Wednesday.