December 16, 2017

Weak ADP data helps market gap

Daily-Wrap

The Market: The market gapped and continued higher for the first hour of trading which the news attributed to a weak ADP number which could keep the Fed from raising interest rates anytime soon.  After the first hour of trading the major indices began to lose ground and, while they all finished up on the day, they were all also well off their highs. Leading on the WSC Scoreboard was Retail (XRT) which was the only sector to finish up by over 1% followed closely by Technology (XLK) which closed up 0.97%.  The only two losing sectors on the day…

Dollar ralley continues as Market slides

Daily-Wrap

Index & Sector performance 3/10/15 The Market: A strong down session across the board with no index or sector spared.  We noted yesterday that the action to the upside appeared to not have conviction and today the lack of buying turned into selling.  Traders pointed to concerns over the eventual rate hike from the Fed and the strength in the Dollar as reasons for concern. We expect to see some form of a bounce as we have started to see positive divergence set-up on the shorter term intraday charts of the S&P 500 (SPY) and NASDAQ (QQQ) but any moves…