S&P 500 pullback coming soon?
Index & Sector performance 6/6/14 The Market: Yet again the Russell 2000 led in today’s trading as all 4 broad indices from the WSC Scoreboard closed higher. Also after spending much of 2014 in the red, the Russell 2000 (IWM) is now ever so slightly higher on the year. Healthcare (XLV) and Utilities (XLU) were the lone laggards in the individual sectors while Energy (XLE), Industrials (XLI), and Transportation (IYT) were the notable leaders. Taking a peak further at the Industrials, which were the overall leader, we see Fluor (FLR) posted a 2.77% gain today following up on a strong…
Indices take back losses plus
Index & Sector performance 5/22/14 The Market: Overall today was a quiet day in the market which saw green across the entire WSC Scoreboard with the Dow and NASDAQ leading the charge followed closely by the S&P and finally the Russell 2000 which is getting use to lagging. At 2pm EDT the FOMC minutes were released and discussed risks to the economy including U.S. housing, the Russia-Ukraine situation, and China’s economic slow down but this news did not appear to bother traders. Tomorrow is be the biggest economic data day of the week which includes Unemployment Claims and Existing Home…
Strong start with new highs
Index & Sector performance 5/12/14 The Market: A strong start to the week as a broad based rally in the market was led by the Russell 2000 (IWM) up 2.27% and the NASDAQ 100 (QQQ) up 1.65% while the Dow and S&P reached new closing highs. The two stand out sectors were Retail (XRT) and the Transportation (IYT) while the Utilities (XLU) lagged closing down 0.92% but remain the largest gainer YTD. We have much more economic data this week and tomorrow all eyes will be on Retail Sales which is released before the open. Headline sales are expected up…
S&P finds support at 20 day SMA
Index & Sector performance 3/12/14 The Market: Overnight trading took the S&P 500 futures index down to our target region of $1857-50 with the low of the session printing $1853.75ES right near the open which correlated with the S&P 500 cash index touching the 20 day SMA. From there we bounced and then spend the rest of the day consolidating in a flag which has broken to the upside in after hours but with not much gusto. Until the index clears the $1870-72.50ES area we will consider the potential for more downside. Tomorrow is the heaviest day of the week…