Revisiting December’s lows
Index & Sector performance 1/6/15 The Market: Oil appears to still be affecting the broad market and causing caution in investors as crude, which lost the psychological $50 level yesterday, traded down over $2 in today’s session. Yesterday we remarked that a gap down in the morning could be a short term trading opportunity to the long side but unfortunately we opened flat to slightly up, negative the set-up, and then continue to crawl higher in the first hour of trading before the indices began to sharply lose ground. Today’s sharp drop eventually found support at the mid-December trading lows…
The 20’s support today’s drop
Index & Sector performance 12/8/14 The Market: The S&P opened lower but like every other recent micro pullback it found a bottom and started to rally higher. The market again looked like it wouldn’t be denied a higher close but then after the initial morning pop the indices started to roll and continued lower until roughly 2pm ET when they found a bottom for the session and moved off the lows into the close. The lows on the S&P 500 (SPY) and NASDAQ (QQQ) correspond with the 20 day SMA and we will be looking to see if those lows…