Tech & Small cap trend change?

Index & Sector performance 9/3/14

The Market:

While the Dow (DIA) and S&P 500 (SPY) closed essentially flat, the Nasdaq (QQQ) and Russell 2000 (IWM) both finished decisively lower.  In addition the technical action in both the QQQ and IWM is concerning as both started the day gaping above the previous day’s highs to only then sell off the remainder of the day finishing below the previous day’s lows.  Those into candlestick charting will recognize this as an Engulfing pattern and can signal a change in trend.

In individual sectors it the Utilities (XLU) leading the charge finishing the day up 0.49% with Healthcare (XLV) a close second up 0.45%.  Technology (XLK) was the clear loser although much of the 0.55% loss today can be attributed to Apple (AAPL) losing 4.22%.

With the shortened holiday week there is a great deal of Economic data due out tomorrow including big releases before the open and Fed speak after the close.  This will then all be followed by Friday’s employment data so the remainder of the week could see some volatility.

Economic Calendar week of 9/1/14

Reporting EPS 9/4/14 Pre-Market:

Companies reporting EPS 9/4/14 pre-market

Analyst Comments:

Upgrades 9/3/14

Downgrades 9/3/14

Initiations 9/3/14

Price Target Changes 9/3/14