January 22, 2018

Market bounces but finishes where it started

Daily-Wrap

The Market: An initial gap higher in the morning was quickly sold as it appeared traders were hesitant before the FOMC Rate decision and statement.  After the announcement, the market pressed to new intraday lows but then quickly turned and rallied to new intraday highs before closing at the opening print. Utilities (XLU) led the WSC Scoreboard sectors finishing up 0.84%.  The XLU reached our target support region and is making a move off that support after a long decline but still has a lot of resistance above and will need to show this is indeed a bottom and not…

Market reaches target, now what?

Daily-Wrap

Index & Sector performance 2/10/14 The Market: A light volume start to the week and a very tight trading range with the S&P 500 cash trading in an 8 point range and even including early trading in the futures the entire day stayed within a 9.25 point range.     The following noteworthy companies are scheduled to report earnings before tomorrow’s open: CVS, S, REGN, RAI, MMC, OMC, PCG, HCP, IR, ETR, GWR   Analyst Comments:         The Game Plan: The S&P 500 (SPY) 60 minute chart has a potential inverse Head & Shoulder pattern which counts…

Daily Wrap

Daily-Wrap

DJIA -111.66 (-0.76%) to 14,550.35; S&P 500 -16.56 (-1.05%) to 1,553.69; NASDAQ -36.26 (-1.11%) to 3,218.60 Today in the pre-market we were essentially flat/slight higher and even after a poor ADP number the S&P 500 was able to open slightly higher but that was short lived and the rest of the day we saw market declines which at the lows approached down 20 points in the S&P 500 or over 1%.  Along with the weak ADP and general concerns on slower global growth we also had two other event weighing on the markets.  First the U.S. Defense Secretary, Chuck Hagel, stated that the…