March 19, 2024

QQQ & IWM reach new highs

Index & Sector performance 2/26/15 The Market: More churn today in the markets but again the NASDAQ (QQQ) and Russell 2000 (IWM) showed more strength than the S&P 500 (SPY) with the QQQ and IWM reaching new 52-week closing highs on the session. Crude oil lost over 5% today which helped send the Energy (XLE) sector 1.88% lower.  We noted in our 2/18/15 nightly recap when the XLE was trading above $81 that we would look for a pullback toward $78 as a buying opportunity.  Closing today at $79.35, we would ideally like to see lower levels before dipping into…

Central bank news abroad drives headlines

Index & Sector performance 1/21/15 The Market: It was a relatively choppy session which saw the Dow (DIA), S&P 500 (SPY), and NASDAQ (QQQ) manage to finish higher while the Russell 2000 (IWM) closed lower.  There were reports out of Europe that the ECB Executive Board proposed the purchase of EUR 50B/mo of bonds in a program that should last at least a year.  There was more news from outside the U.S. with a surprise rate cut in Canada to counteract the sharply declining oil prices. Energy (XLE) led the charge today as all sectors on the WSC Scoreboard finished…

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…

All quiet before jobs data

Index & Sector performance 10/21/13 The Market: Not too much to report as it was a quiet down day in the S&P 500 and Dow with the Nasdaq making small gains much on the back of a strong performance from Apple (AAPL) closing up nearly 2.5% on the day. In economic news we had Existing Home Sales with came in light posting a 5.29M when 5.31M was expected.  Tomorrow will be a much bigger day as we get the jobs report that was delayed due to the government shutdown.  Current forecast is for 182K and Unemployment rate of 7.3% Story…