Daily Wrap
DJIA -28.57 (-0.23%) S&P 500 -2.17 (-0.16%) NASDAQ -9.87 (-0.35%) Sector’s lagging in the S&P today were: Utilities -0.73%, Basic Materials -0.96%, Telecommunications -1.07% while the leaders were: Consumer Goods +0.20%, Financials +0.20% and Oil & Gas +0.14%. Another morning where the S&P started higher but faced early selling. If you were to just check in at the end of the day you would think today was a lack luster day in the market but if you were around it felt like a much more volatile than the ending prices reflect. We posted at StockTwits the 5 minute downtrend line on the…
Daily Wrap
Today was an ugly day for the markets. We had highlighted, for the Bulls, a potential inverse H&S setting up on the 60 minute SPY chart but noted that the lows from 11/13/12 HAD to hold or the market could be looking at a bad situation. The SPY made the highs for the day in the first 5 minutes of trading and then faced selling for the remainder. The first leg down completed around 11am EST and then we meandered until later until around 2:15 pm EST when we broke hard for the rest of the day. The President spoke…