Early dip finds interested buyers
Index & Sector performance 7/28/14 The Market: Early moves lower in the broad market indices soon found buyers and managed to finish the day near flat on the session with the Russell 2000 (IWM) continuing to lag. The DOW (DIA) played MA pinball with the lows in the early session touching the 50 day EMA while the highs of the session back tested the 20 day EMA. The stand out sector from the WSC Scoreboard was the Utilities (XLU) finishing up X% higher on the session. Every name in the sector ETF was higher and that vast majority were up…
Nasdaq & Russell lead indices lower
Index & Sector performance 4/25/14 The Market: All the major indices were down in Friday’s action with the Nasdaq 100 (QQQ) and Russell 2000 (IWM) leading the way lower. In individual sectors the Transportation index (IYT) and Consumer Discretionary (XLY) were the biggest losers. The transports are an interesting case as they were one of the sectors making new highs recently but after an outside day yesterday the index followed through strongly to the downside today. Leading the index lower was JetBlue (JBLU) closing down 5.38%. After missing EPS yesterday, Reuters announced today that the Flight attendants will be looking…
S&P finds support at 20 day SMA
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…
Fed day snaps S&P 4 day win streak
Index & Sector performance 10/30/13 The Market: A small gap up on the open was quickly sold and the market pulled back but losses were relatively contained until the Fed announcement which sent the S&P spiking lower. Buyers did then step in and used the last hour of trading to help close the index off the lows but not enough to keep from snapping the S&P 500’s 4 day win streak. In economic news, ADP Non-Farm came in lower than expected printing a 130K with 151K the expectation. Core CPI was also light coming in at 0.1% when 0.2% was…
A flat day across all the major indices
Index & Sector performance 10/28/13 The Market: A fairly lack luster day as the broad indexes chopped around with the S&P and Nasdaq closing positive while the Dow and Russell lagged. Early optimism in the S&P was quickly sold in early trading but the market was able to hold and press to new highs until a late day sell off which sent the S&P back toward unchanged for the day. In economic data we saw Capacity Utilization Rate and Industrial Production month over month beat expectations while pending home sales greatly disappointed posting a -5.6%. Tomorrow will be a much…
Daily Wrap
DJIA +106.20 (+0.72%) to 14,818.75; S&P 500 +11.37 (+0.72%) to 1,593.61; NASDAQ +26.40 (+0.93%) to 2,866.95 The market continues its recovery from the recent dip now not also challenging recent highs but making all time highs (closing and intraday). The trend remains strongly in-tact with the SPY up over 12.36% YTD and maybe more astoundingly 16.99% over a rolling 12 month period. In economic news today we saw Personal Spending meet forecasts with a 0.2% increase but Personal Income not only missed forecasts of a 0.4% gain but actually ticked down 0.2%. Lastly, Pending Home sales beat expectations with a 1.5% increase over last month when…