May 19, 2019

3 strong days higher

Index & Sector performance 4/1/14 The Market: Today’s early action targeted our highlighted region from last night’s update of $1875ES and then pulled back to support near $1870ES.  Later in the day the market made another rally toward and pressed through $1875ES and now resides above in the after hours session.  While we are starting to see some intraday negative divergences develop on the market which provide some caution to the recent strong 3 day rally, we fully expect the S&P 500 emini to challenge the highlighted resistance region of $1884-90ES in overnight or early morning trading.  From there we…

Monday’s bounce have legs?

Index & Sector performance 3/17/14 The Market: Today’s rally is not unexpected from Friday’s oversold levels and the early continuation to the downside in overnight trading which took us to the low 1820ES levels we were expecting.  Until we see the market get through the 1865-70ES region, this action will be considered only a technical relief rally with more downside/consolidation to come. Economic data to watch for tomorrow is CPI which has core & headline estimates at 0.1% and Building Permits which has an estimate of 0.97M coming off the previous 0.94M. Reporting EPS 3/5/14 Pre-Market:   Analyst Comments:

S&P 500 holds 1800

Index & Sector performance 12/10/13 The Market: On what amounted to only a small down day with the S&P 500 losing roughly 5 points, the index was able to hold the $1800 level as well as the 20 day SMA which it recently regained after a one day close below on 12/5/13. It was a light economic data day with the NFIB Small Business index coming in as expected posting a 92.5 with expectations at 92.7 and the previous reading 91.6.  Wholesale inventories were higher than expected with a 1.4% reading when consensus was 0.3%.  The previous month’s reading was…