S&P showing signs of indecision

Index & Sector performance 11/13/14

The Market:

The NASDAQ (QQQ) led today’s trading  while the Russell 2000 (IWM) was the clear laggard.  The S&P 500 (SPY) is refusing to break with the exception of very small sharp pullbacks which are short lived.  Volume over the past two days remains light although is an uptick from earlier in the week.  We view the current action as indecision as the SPY wrestles with price discovery and ultimately expect lower levels to be seen.

Energy (XLE) led the WSC Scoreboard sectors lower giving back some of the recent hard fought gains but did close well off the intraday lows.  All is not lost for the XLE and if it can hold the $83 region it can build on this recent momentum.  If it cannot hold support then look for the recent lows near $78 to be tested.  The Utilities (XLU) experienced a strong down session yesterday and followed up today with another down session finishing right at the 20 day SMA & EMA.  If the 20’s do not hold then traders will want to look to the $43.50-44 region for next support.

Unemployment Claims came in worse that expected posting a 290K when 282K was expected.  Tomorrow’s key data to watch is Retail Sales, University of Michigan Consumer Sentiment, and for any unexpected news out of the G20 meetings.

Economic Calendar week of 11/10/14

Reporting EPS 11/14/14 Pre-Market:

Companies reporting EPS 11/14/14 pre-market

Analyst Comments:

Upgrades 11/13/14

Downgrades 11/13/14

Initiations 11/13/14

Price Target Change 11/13/14