November 24, 2017

S&P showing signs of indecision

Daily-Wrap

Index & Sector performance 11/13/14 The Market: The NASDAQ (QQQ) led today’s trading  while the Russell 2000 (IWM) was the clear laggard.  The S&P 500 (SPY) is refusing to break with the exception of very small sharp pullbacks which are short lived.  Volume over the past two days remains light although is an uptick from earlier in the week.  We view the current action as indecision as the SPY wrestles with price discovery and ultimately expect lower levels to be seen. Energy (XLE) led the WSC Scoreboard sectors lower giving back some of the recent hard fought gains but did…

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…

S&P Futures play MA pinball

Daily-Wrap

Index & Sector performance 12/16/13 The Market: The made strong gains today after what looked like a horrible start to the week.  In overnight trading Sunday the S&P 500 dropped t0 $1754 (March 2014 emini contract) tagging the 50 day SMA and then built a rally off that support.  Surprisingly by the morning the futures had not only regained everything that was lost from Sunday evening’s open but also but in some gains.  Those who do not look at the futures may have never even known of the rough start.  The futures then rallied pre-market to the 20 day SMA…

All quiet before jobs data

Daily-Wrap

Index & Sector performance 10/21/13 The Market: Not too much to report as it was a quiet down day in the S&P 500 and Dow with the Nasdaq making small gains much on the back of a strong performance from Apple (AAPL) closing up nearly 2.5% on the day. In economic news we had Existing Home Sales with came in light posting a 5.29M when 5.31M was expected.  Tomorrow will be a much bigger day as we get the jobs report that was delayed due to the government shutdown.  Current forecast is for 182K and Unemployment rate of 7.3% Story…