October 17, 2017

Markets stop slide, fight back

Daily-Wrap

Index & Sector performance 8/4/14 The Market: After two strong down days, all 4 indices on the WSC Scoreboard managed to find bottoms and rally with the Russell 2000 (IWM) leading the charge finishing the day 0.89% higher.  One note of caution, volume was on the light side when compared to the previous two sessions.  Our suggestion would be to watch the first major pullback after today’s move.  If it is orderly then the market likely has unfinished business to the upside, otherwise we will likely see another push lower. In individual sectors it was green across the board except…

S&P takes back overnight losses plus

Daily-Wrap

Index & Sector performance 5/5/14 The Market: The S&P futures moved lower in the Sunday overnight session attributed to weak economic data out of China as well continued unrest in Ukraine.  The futures continued lower throughout early trading Monday but found a bottom right at the open on an initial spike lower to 1860.50ES which was quickly bought and the index started a march higher reaching 1880ES by 2:30 pm ET.  The index spent the last hour consolidating the near 20 point intraday rally.  If 1872ES holds in overnight trading it appears the index could look to make a move…

Next target the 50 day SMA?

Daily-Wrap

Index & Sector performance 3/13/14 The Market: A strong down day in the market but coming into the day people may have thought that would be a result of a poor Unemployment Claims number but we actually saw a better than expected 315K (334K est).  After the report the index meandered higher into the open and then after peaking out above trend line resistance, turned and started what proved to be a day long decline. At 11:30 am we posted on StockTwits that the decline in the ES looked like it had lower to go especially due to the slope…

Daily Wrap

Daily-Wrap

DJIA -5.69 (-0.04%) to 14,572.85; S&P 500 -7.02 (-0.45%) to 1,562.17; NASDAQ -28.35 (-0.87%) to 3,239.17 Today started with a small move higher in the morning as the 2nd quarter got its start but that optimism soon waned and after a weak ISM number we saw a quick swoon lower in the broad markets with the small caps and techs leading the way lower.  I think today’s action had more to do with the upward bias into the holiday and quarter end finally being over than with the ISM number itself but as much as this market has rallied and I noted over…