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…
S&P 500 remains above the 50 DSMA
Index & Sector performance 4/7/14 The Market: Friday’s selling action continues on Monday as the S&P 500 index lost roughly 20 points. Today’s lows in the SPDR S&P 500 ETF (SPY) correlated nicely with previous levers of reaction and the 50 day SMA. If this short term support is lost we could see the cash index next targeting $1800 and even $1650-1700. In the meantime, aggressive traders could look to use today’s lows as a level to trade again on the long side for a bounce. Reporting EPS 4/8/14 Pre-Market: Only one name of note reporting EPS tomorrow…
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…
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…
New Year starts with a thud
Index & Sector performance 01/02/14 The Market: The first trading day of the year started in the opposite direction of 2013’s trend with the S&P 500 closing down near 17 points and essentially taking back much of the holiday drift higher that was seen. In economic data Unemployment claims came in worse than expected posting 339K vs. 334K expected. Last week’s claims were also adjusted slightly higher to 341K from 338K. The remaining released data either met or exceeded expectations including Manufacturing PMI, Construction Spending and ISM. In the News: Apple (AAPL) closed 1.41% (lower) amidst differing analyst opinions. Wells…
AAPL outshines BBRY buyout
Index & Sector performance 9/23/13 The Market: The market picked up early Monday where it left off Friday gaping lower on the open and continuing lower until roughly 11:30 am EST when the S&P 500 was able to bottom and turn with unfortunately what seems to be not much support or enthusiasm from traders. From the WSC Scoreboard, the largest drag on the Market today was the Financials (XLF) and leading them down was Regions Financial (RF) which closed down 2.27%. RF closed right at the 150 day SMA and if it cannot find support there the upward sloping 200…