November 18, 2018

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…

Market Shrugs off initial gap down

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…

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…

Lots of movement, little results

Index & Sector performance 3/10/14 The Market: Today was a yet another choppy session but for day traders there was a great deal of opportunity.  The S&P 500 emini ultimately moved 40 points between support and resistance while the S&P 500 cash index only managed to close down roughly a point for the day.  Starting with Sunday evening’s trading the ES contract lost ground over night finding support at the $1868ES pivot and then rallied pre-market to the $1878ES pivot.  Playing Pivot Pinball the ES tested the $1868ES support after the open to yet again hold and rally back toward…

Low volume day follows the trend

Index & Sector performance 11/22/13 The Market: The market made solid gains trending higher all day to close over $1800 in the S&P 500.  If there was anything concerning about today’s rally, it was the volume which seemed very light but seeing a market move in the direction of the trend on low volume days is not uncommon. There was not much on the Economic data front today besides some fed speak but Thursday the 21st was big.  Unemployment Claims came in better than expected posting 10K below (323K vs 333K) expectations while the previous week was adjusted slightly higher…

Daily Wrap

(Update officially published to site 3/12/13) DJIA +50.22 (+0.35%) to 14,447.29; S&P 500 +5.04 (+0.32%) to 1,556.22; NASDAQ +8.50 (+0.26%) to 3,252.87 Today the market continued along its climb even amidst some negative economic data abroad.  We had no major US economic news or data on the table so anything could have driven the move but with a lack of true catalyst it seemed the market was happy to continue along it’s recent path of higher.  We still have the negative divergence on the MACD but as I have noted before, negative divergence is not a signal itself and only…

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…