Market Backs Away from Technical Test: Blue Chips Pounded As Averages ...
NEW YORK, May 13ÛÓThe stock market backed away from a major technical test this week, but Wall Street analysts said they saw no need for any concern.</br></br>| After a continuation of its ; rally on Monday ÛÓ which ipushed into the 910-930 area, the Dow Jones industrial average turned down in three of the next four sessions and finished the week off 15.93 points at 890.03.</br></br>Technicians consider the 910-930 area a formidable barrier, since in the past two years it has temporarily turned back both the rally of 1965 and the selloff of 1966.</br></br>The correction hit b 1 u e chips stocks harder than most other issues. Standard & PoorÛªs 500-stock composite was down 0.96 point to 93.48. According to Wall StreetÛªs rule of thumb, the Dow should move In a 10-to-1 ratio with the S&P.</br></br>Analysts said the downturn so far showed no signs of being anything but normal profit-taking as the market prepared to test the resistance area. Business news was mixed during the week but brokers saw little to cause any sharp move in either direction.