Pop off support as FOMC looms
The Market: A nice snap back rally today as the S&P 500 continues to hold the 200 day SMA. We would not be surprised to see limited action overnight and in early trading tomorrow as traders wait to see what the Fed says at 2pm ET. Yesterday’s laggard, Energy (XLE), is today’s leader finishing up 2.86% followed closely by Transportation (IYT) which finished up 2.75%. Also posting strong sessions was Materials (XLB), Industrials (XLI), and HeathCare (XLV) finishing up 2.09%, 1.94% and 1.81% respectively. FOMC statement tomorrow and remember we are still in the thick of earnings reports which will…
Tech stocks lead sell-off
Index & Sector performance 5/6/14 The Market: Last night we noted 1872ES as a key level to watch. If it held as overnight support then the index could look to target Friday’s 1886ES highs but if lost then we could see Monday’s lows of 1860.50ES tested and then 1850ES. In overnight trading the S&P was only able to reach 1881.50ES falling short of Friday’s highs and by the open the futures were sitting at our key 1872ES level. After some initial jostling around the 1872ES level, the index started to roll over in midday trading reaching as low as…