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…
Sharp snap back rally — SPY up YTD
Index & Sector performance 3/12/15 The Market: Strong performance today with the Russell 2000 (IWM) leading the charge for the 2nd straight day followed by the Dow (DIA) and S&P 500 (SPY). Friday will be an interesting session as traders will have to decide how they want to end the week. In the very short term the SPY looks stretched so we would consider using a gap up tomorrow morning as a (very) short-term selling opportunity. In individual sectors it was the Financials (XLF) which led the way finishing up 2.13% followed closely by Consumer Discretionary (XLY) which ended up…
S&P 500 makes new closing highs
Index & Sector performance 8/20/14 The Market: A respectable session for the Dow (DIA) and S&P 500 (SPY) as the SPY finished at a new closing high and the DIA is not all that far off. The NASDAQ (QQQ) managed to finish slightly up on the session and while not as strong as the DIA or SPY, the QQQ has been the clear leader on the year. The Russell 2000 (IWM) continues to lag and was unable to finish the session higher like the other broad indices however the index did manage to rally well off the earlier lows. In…
Indices take back losses plus
Index & Sector performance 5/22/14 The Market: Overall today was a quiet day in the market which saw green across the entire WSC Scoreboard with the Dow and NASDAQ leading the charge followed closely by the S&P and finally the Russell 2000 which is getting use to lagging. At 2pm EDT the FOMC minutes were released and discussed risks to the economy including U.S. housing, the Russia-Ukraine situation, and China’s economic slow down but this news did not appear to bother traders. Tomorrow is be the biggest economic data day of the week which includes Unemployment Claims and Existing Home…
Next target the 50 day SMA?
Index & Sector performance 3/13/14 The Market: A strong down day in the market but coming into the day people may have thought that would be a result of a poor Unemployment Claims number but we actually saw a better than expected 315K (334K est). After the report the index meandered higher into the open and then after peaking out above trend line resistance, turned and started what proved to be a day long decline. At 11:30 am we posted on StockTwits that the decline in the ES looked like it had lower to go especially due to the slope…
Daily Wrap
Today was an ugly day for the markets. We had highlighted, for the Bulls, a potential inverse H&S setting up on the 60 minute SPY chart but noted that the lows from 11/13/12 HAD to hold or the market could be looking at a bad situation. The SPY made the highs for the day in the first 5 minutes of trading and then faced selling for the remainder. The first leg down completed around 11am EST and then we meandered until later until around 2:15 pm EST when we broke hard for the rest of the day. The President spoke…