Market push and pull continues

The Market:

With concerns over volatility in China, weak Economic data, and the FOMC statement, the market gapped down and continued lower throughout the early trading session before marking another big intraday reversal.  After dipping below the 200 day SMA, the S&P managed to rally from over 25 points down to slightly up on the session in intraday trading but then couldn’t hold the gains and sold off into the close.

Today’s action is actually a good micro representation of the push and pull in the market this year.

As we noted last week, we expect volatility to continue and do not believe today marked the end.  The S&P continues to hold the 200 day SMA on a closing basis but there seems to be a great deal of risk in the market.  We would not want to see today’s low’s breached or we could be setting up for a sharp decline toward $2000 (to start).

Index & Sector performance 8/19/15

Economic Calendar week of 8/17/15

Reported EPS 8/19/15 After the Close:

Companies reporting EPS 8/19/15

Reporting EPS 8/20/15 Pre-Market:

Reporting EPS 8/20/15 pre-market

Analyst Comments:

Upgrades 8/19/15

Downgrades 8/19/15

Initiations 8/19/15

Price Target Changes 8/19/15