June 20, 2019

Next target the 50 day SMA?

Index & Sector performance 3/13/14

The Market:

A strong down day in the market but coming into the day people may have thought that would be a result of a poor Unemployment Claims number but we actually saw a better than expected 315K (334K est).  After the report the index meandered higher into the open and then after peaking out above trend line resistance, turned and started what proved to be a day long decline.

At 11:30 am we posted on StockTwits that the decline in the ES looked like it had lower to go especially due to the slope of the MACD and that ultimately proved the case.  From the high at the open to the  lows we lost over 30 points and even with a late day rally still closed down over 20 ES points for the day.

$1854-57ES is now a resistance zone to watch for the overnight session and if we cannot get meaningfully above, $1820’sES can come into play to close out the week.  For the S&P 500 cash index they may correlate nicely with the 50 Day SMA which was $1829 as of the close.

S&P500 emini (ES) 3/13/14 11:29 am EST (click to expand)

S&P500 emini (ES) 3/13/14 (click to expand)

Economic Calendar week of 3/10/14


Reporting EPS 3/5/14 Pre-Market:

Companies Reporting EPS 3/14/14 Before Market Open

Analyst Comments:

Upgrades 3/13/14

Downgrades 3/13/14

Initiations 3/13/14

Price Target Changes 3/13/14

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