S&P rejected @ 50 DSMA

Index & Sector performance 10/6/14

The Market:

The markets start the session in positive territory but the S&P 500 (SPY) quickly ran into resistance at the 50 day SMA and spent the remainder of the day pulling back.  The laggard on the session was the Russell 2000 (IWM) which was the first to go negative on the session finishing down 0.86%  Today’s high in the SPY now becomes a key level to watch along with the 50 day SMA and downward sloping 20 day MA.  This could end up being a choppy trading week.

In individual sectors, Transportation (IYT) was the biggest loser finishing down 1.17% while Retail (XRT) was a close second also finishing down over 1%.  On the upside the largest gainer was Energy (XLE) which managed to finish up 0.11%.

Not much Economic data to help fuel trading this week.  Unless something unexpected comes out of the Fed speak or meeting minutes, the data may be uneventful and traders may focus more on the upcoming earnings season which has a few big names reporting this week including Alcoa (AA), which is known for kicking things off, on Wednesday after the close.

Economic Calendar week of 10/6/14

Reporting EPS 10/7 – 10/8/14 Pre-Market:

Companies reporting EPS 10/7/14 & 10/8/14 pre-market

Analyst Comments:

Upgrades 10/6/14

Downgrades 10/6/14

Initiations 10/6/14

Price Target Changes 10/6/14