May 20, 2018

Major Market Indices down near or over 2%!

  The Market: We warned in last week’s update that we viewed the pattern in the market as one that warranted caution.  In the short term we view the market as very oversold and due for a bounce.  Ideally we would like to see a failed rally in the Futures overnight that results in a gap down in the cash index which provides an opportunity to get long in early trading.  It is also worth noting that the SPY closed right at the 200 day SMA & EMA which should act as support — even if only short term. Looking…

Daily Wrap

DJIA +33.25 (+0.23%) to 14,329.49; S&P 500 +2.80 (+0.18%) to 1,544.26; NASDAQ +9.72 (+0.30%) to 3,232.09 Today was a quiet lower volume trading day ahead of the Jobs numbers tomorrow morning.  I am currently showing consensus estimates at 162K and as a reminder (unless revised) last report came in at 157K.  The report will be out at 8:30am EST tomorrow giving us about an hour to digest and get the day’s bias before we open. Time Warner (TWX) was in the news as they announced plans to spin off its Time Inc. publishing division.  TWX expects the new entity to be trading before…

Daily Wrap

DJIA  +39.55 (+0.30%) to 13,074.04; S&P 500  +4.66 (+0.33%) to 1,413.94; NASDAQ  +15.57 (+0.52%) to 2,989.27; The majority of today was spend on the positive side of the line but never all that much as we closed at highs for the day.  The market remains in this sloppy consolidation between the 38 and 62% fibs.  Along with the fibs we have the 50 Day MA as resistance and the 20 and 200 below as support. As with many days i the past on both the up and down side, Apple Computers (AAPL) was a key focus for traders today.  Last…