March 29, 2024

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…

Citi & Retail Sales aid rally

Index & Sector performance 4/14/14   The Market: The S&P 500 started lower in Sunday’s overnight session but quickly found a bottom and moved off the lows into early trading.  Met with better than expected retail sales and an earnings beat by Citigroup (C), the rally continued until just after noon ET before topping out and starting a slide back toward the overnight lows.  It appeared the market was yet again faced with a late day sell off but with one hour left in trading the S&P 500 found a bottom and snapped back toward the highs of the session….