July 23, 2018

The NightCap

The Market: We expected to see a tight trading range until the FOMC statement but instead we saw buyers in advance of the statement as the S&P 500 (SPY) pressed higher.  The the announcement came and there was a sharp sell-off but buyers came right back and all 4 major market indices on the WSC Scoreboard finished above the pre-FOMC announcement highs. As was expected by many, the FOMC left the Fed Fund Rates unchanged but, based on the comments, it appears a rate hike is on the table for December if the data warrants.  We also saw the committee…

Weak ADP data helps market gap

The Market: The market gapped and continued higher for the first hour of trading which the news attributed to a weak ADP number which could keep the Fed from raising interest rates anytime soon.  After the first hour of trading the major indices began to lose ground and, while they all finished up on the day, they were all also well off their highs. Leading on the WSC Scoreboard was Retail (XRT) which was the only sector to finish up by over 1% followed closely by Technology (XLK) which closed up 0.97%.  The only two losing sectors on the day…

S&P snaps 2 day losing streak

Index & Sector performance 2/10/15 The Market: The S&P 500 snapped a 2 day losing streak with a solid rally closing up over 1% on the session while the NASDAQ led the charge finishing up over 1.50% helped by Apple (AAPL) which closed at a fresh all time highs.  The Russell 2000 (IWM) was the laggard but still managed to finish up 0.67%. All the sectors on the WSC Scoreboard were higher with the exception of Energy (XLE) which was taking its cue from Crude’s slide today after running into the 50 day SMA.  Utilities (XLU) was the biggest gainer…

SPY is sitting on the 50 day SMA

Index & Sector performance 9/23/14 The Market: U.S. led airstrikes in Syria and weaker than expected European manufacturing data helped continued weakness in the broad markets with the Russell 2000 (IWM) again leading the way to the downside.  After peaking back positive YTD in late August and into early this month, the IWM is now down 3.46%.  The NASDAQ (QQQ) was the clear winner, on a relative basis, and was helped by a strong showing in Apple (AAPL) which closed up 1.56%.  The S&P 500 (SPY) is now near, essentially at, its 50 day SMA and we are very interested…

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…