Back test of the 20 & down
Index & Sector performance 12/11/14 The Market: Strong optimism in early trading was attributed to better than expected Retail Sales numbers and Unemployment Claims along with the stabilization of oil but in midday trading, after the S&P 500 (SPY) had rallied back to re-test its 20 day SMA, oil started to slide and took the SPY with it. While the table above shows the SPY up on the session, as it currently stands those gains have been entirely erased in the aftermarket. We will be watching the overnight session to see if the S&P can stabilize, reverse, or if it…
Quiet start to the month
Index & Sector performance 11/3/14 The Market: The market started the day slightly higher building on last week’s extremely strong session but the market ran out of steam in the short term and the S&P 500 started pulling back in afternoon trading finishing flat on the session. All in all it was a low volume quiet session but the Bulls can point to the fact that they didn’t give ground after reaching new highs. We do not expect the remainder of the month to be as quiet as today and would plan for swings in both directions much like October…
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…
Early pop leads to late day drop
Index & Sector performance 3/11/14 The Market: The market rallied pre-market into the open, pulled back and went again but was unable to break through a pivot confluence resistance area. The pullback into the noon EST period started to consolidate but the MACD was telling that more downside was likely. As we reached the 2-2:30 pm EST time frame the S&P again started to weaken and broke to fresh lows for the day. We will be watching for $1860ES and then further $1850ES for support levels. On the S&P500 cash index the 20 day SMA comes in around $1853. In…
Daily Wrap
DJIA -5.07 (-0.03%) to 14,968.89; S&P 500 +3.09 (+0.19%) to 1,617.51; NASDAQ +10.77 (+0.37%) to 2,955.36 Yawn, for the most part a boring day as the market essentially consolidated after Friday’s gap higher with the Dow closing slightly negative while the S&P 500 and Nasdaq slightly positive.. There was no major economic news for the day and frankly the week in general is relatively light. Some fed speak and Unemployment Claims Thursday but relatively light. To try and put into perspective the day, the entire range of the S&P 500 Index was roughly 5.5 points. Merger Monday was again back and in affect with BMC Software…