November 24, 2017

China’s action spills into global markets

Daily-Wrap

The Market: Stocks opened lower after China suffered its worst losing day in over 8 years but the S&P managed to find a bottom right at the 200 day SMA and has so far rallied off the lows with upside action continuing into the after market.  It will be interesting to see how China’s market reacts today and if the S&P can keep the momentum going through the overnight trading and into tomorrow’s open. Also don’t forget we have the FOMC Rate decision and Statement on Wednesday the 29th (full Economic Calendar below). Leading to the downside in today’s session…

Low volume give back after 3 solid days

Daily-Wrap

Index & Sector performance 10/22/14 The Market: Today marked a give back after 3 solid days of gains.  The leader to the downside was the index that we have been watching closely for the past few weeks, the Russell 2000 (IWM).  The IWM’s underperformance throughout the year was a warning just as its outperformance near the recent bottom.  The IWM has put in work to find a bottom and start to move off the lows of last week but it is not our of the woods yet in our opinion.  First step is remaining above $107 and then the lows…

Argentina default rattles global markets

Daily-Wrap

Index & Sector performance 7/31/14 The Market: A sea of red today on the WSC Scoreboard with all 4 major indices closing strongly lower led by the Russell 2000 (IWM).  Major media outlets pointed to weakness overnight in International markets caused by Argentina’s default. Looking at the technicals, the S&P 500 (SPY) and the Dow (DIA) both clearly lost their 50 day moving averages on a closing basis and did so on an increase in volume.  The NASDAQ (QQQ), which has been this year’s strongest performer, is still a few percent above the 50′s while the Russell 2000 (IWM) has…

Russell clear winner in mixed start to week

Daily-Wrap

Index & Sector performance 6/9/14 The Market: All 4 major indices on the WSC Scoreboard started the week moving higher picking up where they left off last week including the small cap Russell 2000 which continued its recent outperformance.  The quick start soon came to an end when each index made a top around noon ET which was never again revisited in today’s trading.  While the Russell 2000 managed to finish respectfully higher for the day, the rest of the indices were flat to slightly down. We noted in Friday’s  report last week that the S&P 500 closed outside of…

Monday’s bounce have legs?

Daily-Wrap

Index & Sector performance 3/17/14 The Market: Today’s rally is not unexpected from Friday’s oversold levels and the early continuation to the downside in overnight trading which took us to the low 1820ES levels we were expecting.  Until we see the market get through the 1865-70ES region, this action will be considered only a technical relief rally with more downside/consolidation to come. Economic data to watch for tomorrow is CPI which has core & headline estimates at 0.1% and Building Permits which has an estimate of 0.97M coming off the previous 0.94M. Reporting EPS 3/5/14 Pre-Market:   Analyst Comments:

Lots of movement, little results

Daily-Wrap

Index & Sector performance 3/10/14 The Market: Today was a yet another choppy session but for day traders there was a great deal of opportunity.  The S&P 500 emini ultimately moved 40 points between support and resistance while the S&P 500 cash index only managed to close down roughly a point for the day.  Starting with Sunday evening’s trading the ES contract lost ground over night finding support at the $1868ES pivot and then rallied pre-market to the $1878ES pivot.  Playing Pivot Pinball the ES tested the $1868ES support after the open to yet again hold and rally back toward…

Early dip met with strong buying

Daily-Wrap

Index & Sector performance 2/13/14 The Market: The markets began to dip overnight and into early morning trading.  Weaker than expected economic data didn’t help but just as the market officially opened the bottom was put in and the S&P 500 spent the remainder of the day rallying only taking a short midday break before continuing on to made the highs of the day near the close.   The following noteworthy companies are scheduled to report earnings before tomorrow’s open: ALE, BAM, COTY, CPB, DTE, H, IPG, IPGP, ITT, JMP, LECO, LPNT, MINI, POR, RRGB, SJM, SNI, TRW, VFC, VTR,…

ECB moved & so did the markets

Daily-Wrap

Index & Sector performance 11/7/13 The Market: The S&P 500 spiked higher around 8am EST time after the ECB announced a rate cut.  This move was further helped by a strong Q3 GDP number.  While we opened off the pre-market highs, the real selling began after the bells.  After each move lower the market tried to stage a rally but all were sold.  The S&P 500 closed right at the 20 day SMA  From peak to trough using the S&P futures we saw a near 30 point swing to the downside. In economic news, GDP came in much stronger than…