Market Falls In Light Day: Technical Factors Cited
NEW YORK, June 11ÛÓSellers tightened their grip on the stock market today, and most analysts saw little hope for an immediate recovery. Turnover, however, remained</br></br>Analysts viewed the action as a ÛÏfurther consolidationÛ of last monthÛªs gains, although they also noted it was hampered by several other factors, including delay in President NixonÛªs economic report to the nation and an announcement by the Soviet Union of a step-up in military aid to North Vietnam in response to expanded U.S. military involvement in Cambodia.</br></br>At the same time, Soviet President Nikolai V. Podgorny said ÛÏrelations with the United States are frozen because of U.S. agression in Indochina and elsewhere.Û</br></br>Harry Laubscher, analyst !for Walston & Co. brokerage, ! said he expected the DJIA, the | barometer of 30 top blue chip j firms, to move to the 665-675 range before major support developed. On May 26, the Dow finished at 631.16, its low for the year.</br></br>Another analyst said he believed the market was headed for a 50 per cent retracement of recent sharp advances. This, he said, would put the DJ at about the 670 to 680 level.