March 19, 2024

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…

Utilities big loser ahead of Jobs data

Index & Sector performance 7/2/14 The Market: The WSC Scoreboard was relatively flat to mixed with the Dow (DIA), S&P 500 (SPY), and NASDAQ (QQQ) closing slightly higher while the Russell 2000 (IWM) finished 0.35% lower. In individual sectors, the Utilities (XLU) stood out as the biggest loser finishing 1.99% lower on the day and appears vulnerable to even more downside action after being the leader so far in 2014.  Every stock in the XLU finished down on the day with some finishing down over 3% including Exelon (EXC), FirstEnergy (FE), and Entergy (ETR) down 3.11%, 3.50%, and 3.25% respectively. …

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…

Daily Wrap

DJIA -42.55 (-0.28%) to 14,932.41;S&P 500 -0.88 (-0.05%) to 1,614.08;NASDAQ -1.09 (-0.03%) to 3,433.40 The S&P 500 started today looking as though it was going to recover well from yesterday’s late day sell of but again around Noon EST the market lost momentum and declined into 2:30 Pm EST where there was then a bottom and late day small rally which took the major indexes near flat for the day but well off the highs.  In economic data, Total Vehicle sales bested expectations coming in at 16M units sold and tomorrow ADP employment numbers come in with an estimate of 161K.  The official…

Daily Wrap

DJIA -111.66 (-0.76%) to 14,550.35; S&P 500 -16.56 (-1.05%) to 1,553.69; NASDAQ -36.26 (-1.11%) to 3,218.60 Today in the pre-market we were essentially flat/slight higher and even after a poor ADP number the S&P 500 was able to open slightly higher but that was short lived and the rest of the day we saw market declines which at the lows approached down 20 points in the S&P 500 or over 1%.  Along with the weak ADP and general concerns on slower global growth we also had two other event weighing on the markets.  First the U.S. Defense Secretary, Chuck Hagel, stated that the…

Daily Wrap

DJIA +67.12 (+0.49%) to 13,779.33; S&P 500 +2.25 (+0.15%) to 1,494.81; NASDAQ +10.49 (+0.33%) to 3,153.67 All in all today was a nothing as we started around flat and stayed flat the majority of the day until we (again) rallied into the close after lunch.  After the close we had Apple Computers (AAPL) report earnings which slightly beat EPS estimates but slightly missed on revenues.  The futures dropped at the same time as AAPL reported and started to decline and now stand down about 7 points as I write. Apple (AAPL) clearly is driving discussion after the close and it…