November 24, 2017

Market Shrugs off initial gap down

Daily-Wrap

Index & Sector performance 5/28/15 The Market: Today started with a gap down but the major indices on the WSC Scoreboard were able to rally back to near flat on the session with the NASDAQ (QQQ) leading to the downside.  After two very volatile session, it appeared the market used today to take a breather.  FYI, tomorrow is the last trading day of the month. Transportation (IYT) was the clear loser on the WSC Scoreboard as it finished nearly 1% lower on the session.  We generally do not look to catch falling knifes and YTD the IYT has not been…

Low volume give back after 3 solid days

Daily-Wrap

Index & Sector performance 10/22/14 The Market: Today marked a give back after 3 solid days of gains.  The leader to the downside was the index that we have been watching closely for the past few weeks, the Russell 2000 (IWM).  The IWM’s underperformance throughout the year was a warning just as its outperformance near the recent bottom.  The IWM has put in work to find a bottom and start to move off the lows of last week but it is not our of the woods yet in our opinion.  First step is remaining above $107 and then the lows…

S&P finds support at 20 day SMA

Daily-Wrap

Index & Sector performance 3/12/14 The Market: Overnight trading took the S&P 500 futures index down to our target region of $1857-50 with the low of the session printing $1853.75ES right near the open which correlated with the S&P 500 cash index touching the 20 day SMA.  From there we bounced and then spend the rest of the day consolidating in a flag which has broken to the upside in after hours but with not much gusto.  Until the index clears the $1870-72.50ES area we will consider the potential for more downside. Tomorrow is the heaviest day of the week…

Daily Wrap

Daily-Wrap

DJIA +2.77 (+0.02%) to 14,450.06; S&P 500 -3.74 (-0.24%) to 1,552.48; NASDAQ -10.55 (-0.32%) to 3,242.32 Another day where not much was on the US economic data calendar expect the NFIB small business survey which came in slightly higher than expected but nothing really of note.  As has been a trend lately, the Dow lead all major indices hovering just above or below even for the day and for the most part it was a relatively quiet day. This is not actually surprising action for where the markets have been.  We are up roughly 9% YTD on the SPY (S&P 500 SPDR ETF) and nearly 11%…