Low volume drift higher
Index & Sector performance 11/10/14 The Market: Without any key news or economic data the market was happy to drift with the trend which is higher. This drift higher in the markets has created some negative divergence on the intraday charts so we would not be surprised to see downside action early in the week. However, at this time we would expect the losses to be contained and ultimately for that initial dip to be a buying opportunity for short term traders. Stand out sector to the upside was Transportation (IYT) which finished the day 1.34% higher followed by HealthCare…
Russell leads Indices lower
Index & Sector performance 3/24/14 The Market: The Bull missed a great opportunity in our opinion when a late day rally stalled and failed to get above the 1856.50ES resistance and they even had the opportunity to close up on the day. Now the 1852-56.50ES region should act as resistance and leaves the door open for an overnight drop toward 1840ES and then further 1827ES. In Economic Data we had Manufacturing PMI come in lighter than expected but the previous number was revised higher . Tomorrow the market will be watching Consumer Confidence and New Home Sales. Reporting EPS…
Market reaches target, now what?
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…