March 19, 2024

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…

Indices build on week’s gains

Index & Sector performance 8/14/14 The Market: A good up day as all 4 broad indices on the WSC Scoreboard finished the day higher and the Russell 2000 (IWM) is now only X% down on the year.  The concern with this week’s bounce has been and remains to be the declining volume as we continue higher.  However, until the market turns lower and begins taking out support, traders must respect the price action. In individual sectors, leading was HealthCare (XLV) which finished the day up 1.18% continuing to build on the strong week followed closely by yesterday’s laggard, Retail (XRT) which…

Market continues higher on low volume

Index & Sector performance 8/13/14 The Market: Monday was a solid up day to follow-up on Friday’s move but one concerning aspect was how the indices finished noticeably off the intraday highs.  That trend continued taking the indices lower in Tuesday’s session but the losses were contained and today it was back up as all 4 indices on the WSC Scoreboard finished higher with the NASDAQ (QQQ) leading the charge. In individual sectors there were three standouts with HealthCare (XLV) the biggest winner finishing the day up 1.21% followed by a tie for second with both the Industrials (XLI) and…