Market Recap for Monday, June 5, 2017 It wasn't a horrible day on Wall Street. After all, we've been in a strong advance since mid-May with the S&P 500 rising nearly 4% during that span. So a little bit of profit taking shouldn&... READ MORE
Market Recap for Friday, June 2, 2017 Technology (XLK, +0.92%) led U.S. equities higher on Friday and that's been the case for several months now. The XLK has been the best performing sector with a current SCTR (StockCharts Technical Rank) reading of 92 further validating that.... READ MORE
Fortinet (FTNT) is down roughly 5% from its recent price high as money rotates within the software industry ($DJUSSW). It's up close to 30% year-to-date, however, so a little profit taking in the short-term is likely providing an opportunity. FTNT looks to be approaching and... READ MORE
Internet stocks ($DJUSNS) have climbed roughly 44% since their bottom in late June 2016. But there are now negative divergences appearing across various time frames and that suggests the summer time could be a period of consolidation, or even a correction. First, let's take a look at the... READ MORE
Market Recap for Thursday, June 1, 2017 U.S. equities had a very strong day on Thursday, with the small cap Russell 2000 leading the charge with a solid 1.89% gain. The move was also widely participated in, with all nine sectors finishing higher. Financials (XLF, +1.25%), a... READ MORE
The Dow Jones U.S. Coal Index ($DJUSCL) spent 2016 bouncing from the ashes after a disastrous 2015 in which the DJUSCL lost 90% of its value. The "dead cat bounce" looks as though it may have ended as price action has rolled over and the weekly MACD... READ MORE
Market Recap for Wednesday, May 31, 2017 Utilities (XLU, +0.50%) and healthcare (XLV, +0.40%) led a defensive-oriented market on Wednesday with the latter nearing a significant bullish ascending triangle breakout. Materials (XLB, +0.30%) and consumer staples (XLP, +0.28%) also performed well. The aggressive sectors were... READ MORE
Market Recap for Tuesday, May 30, 2017 Technology (XLK, +0.43%) remains the heart of this current bull market. The XLK was the sector leader on Tuesday, with utilities (XLU, +0.32%) a close second. Over the past week, utilities and consumer discretionary (XLY) hold a slight edge over technology.... READ MORE
Market Recap for Friday, May 26, 2017 Friday's action was slightly bullish overall, but there was little difference between the best performing sectors and the worst performing sectors. Consumer stocks performed well with consumer staples (XLP, +0.37%) and consumer discretionary (XLY, +0.30%) leading all sectors. On... READ MORE
Infinera (INFN) gapped higher in February on massive volume, but has been falling in a descending channel ever since. Volume accelerated on Friday as INFN clearly broke this down channel. The reversal also is taking place after a key gap support level was filled and tested. Take a look at... READ MORE
Market Recap for Thursday, May 25, 2017 Retailers led another U.S. market rally on Thursday and helped provide leadership for the consumer discretionary sector (XLY, +0.88%), which outperformed the benchmark S&P 500 for one of the few times over the past 2-3 weeks. There had... READ MORE
Recently, competitor Cisco Systems (CSCO) broke out to a 15 year high. While Juniper Networks (JNPR) hasn't seen its price move to decade and a half highs, it is on the verge of breaking to a six year high amid very heavy volume. JNPR traded more than 25... READ MORE
Market Recap for Wednesday, May 24, 2017 Seven of nine sectors finished higher to lead the S&P 500 to a record high close on Wednesday. Materials (XLB, +0.67%) and utilities (XLU, +0.57%) led the advance as gold mining ($DJUSPM) and mining ($DJUSMG) both performed extremely well,... READ MORE
Market Recap for Tuesday, May 23, 2017 Eight of nine sectors finished in positive territory on Tuesday as only consumer discretionary (XLY, -0.38%) failed to do so. 18 of 23 industry groups within the discretionary sector finished lower, with retail and home construction stocks clearly the weakest links. After... READ MORE
Market Recap for Monday, May 22, 2017 Utilities (XLU, +0.86%), technology (XLK, +0.80%) and industrials (XLI, +0.77%) were the sector leaders on Monday, aiding our major indices as they mostly have erased the big losses from last Wednesday. The XLI has been a leader of late and... READ MORE
Market Recap for Friday, May 19, 2017 Industrials (XLI, +1.32%) and energy (XLE, +1.23%) were the two clear leaders on Friday. The XLI represents one of the four aggressive sectors in the market so it's always nice to see strength there. Commercial vehicles ($DJUSHR) had a... READ MORE
Northrop Grumman (NOC) has risen ten fold since this bull market began in 2009 and its current bullish pattern suggests that this defense company is not ready to roll over just yet. It's been a struggle to clear 250 price resistance the past 6-7 months, but the... READ MORE
We saw the first significant selling pressure in months last week, especially on Wednesday. Financials (XLF) led the rout to the downside, but the sector did bounce back later in the week and, in the process, held key neckline price support within two key industry groups - banks ($DJUSBK) and life... READ MORE
Market Recap for Thursday, May 18, 2017 Technology (XLK, +0.59%) and consumer discretionary (XLY, +0.58%) led the market's rally on Thursday after mobile telecom ($DJUSWC) managed to hang onto 20 week EMA support after a drubbing on Wednesday. The bad news is that there remains an... READ MORE
Caterpillar (CAT) was one of many beneficiaries of the latest quarterly earnings season. With its revenues and EPS topping Wall Street estimates, CAT surged higher on April 25 from its April 24 close of 96.81. The recent market weakness enabled CAT to pull back to test key price support... READ MORE
Market Recap for Wednesday, May 17, 2017 It was a brutal day of selling for U.S. equities. The selling began at the open and continued right through the close. The selling also cleared price support levels and that likely will result in further selling in the days and possibly... READ MORE
Market Recap for Tuesday, May 16, 2017 Technology (XLK, +0.47%) and financials (XLF, +0.29%) were the two best performing sectors on Tuesday and the former was the primary reason that the NASDAQ was able to outperform on a day when the U.S. market was bifurcated. The Dow... READ MORE
Market Recap for Monday, May 15, 2017 It was another solid day for U.S. equities with index leadership coming from the small caps as the Russell 2000 posted a nice 0.81% rise while the other major indices were just below the +0.50% level. Monday marked only the... READ MORE
Market Recap for Friday, May 12, 2017 The NASDAQ finished higher on Friday, but that was not the case for the Dow Jones and S&P 500, which both finished fractionally lower. The Russell 2000 was hit hardest as this small cap index again threatened a short-term breakdown... READ MORE
Intel (INTC) has been trading in bullish sideways fashion since topping in October. The Dow Jones U.S. Semiconductor Index ($DJUSSC) has continued to rise and lead the benchmark S&P 500 on a relative basis - even while INTC consolidates. A breakout in Intel would measure to 42 based... READ MORE
Market Recap for Thursday, May 11, 2017 Consumer staples (XLP, +0.15%) and utilities (XLU, +0.14%) were beneficiaries of money rotating more defensively on Thursday. While the end result at the close wasn't bad overall (the Dow Jones and S&P 500 lost 0.11% and... READ MORE
Market Recap for Wednesday, May 10, 2017 The energy sector (XLE, +1.32%) was very strong on Wednesday as crude oil ($WTIC) bounced more than 3%. With crude oil up nicely again this morning, we should see more strength and leadership from the XLE today. Technology (XLK, +0.38%) and... READ MORE
Market Recap for Tuesday, May 9, 2017 Consumer discretionary stocks (XLY, +0.58%) were easily the leading group on Tuesday as hotels ($DJUSLG) and gambling ($DJUSCA) stocks were outperformers. Automobiles ($DJUSAU), recreational products ($DJUSRP) and home construction ($DJUSHB) also performed quite well. The latter group held recent price support and... READ MORE
Market Recap for Monday, May 8, 2017 The small cap Russell 2000 lagged on Monday with the other major indices tacking on minor gains. Energy (XLE, +0.71%) was the leader with coal ($DJUSCL) jumping 3.50%. The DJUSCL, however, is hitting major trendline resistance after kick-saving at price... READ MORE
Market Recap for Friday, May 5, 2017 The headline news from Friday is that the Dow Jones was able to clear psychological overhead resistance at 21000 for only the second time in history (March 1st was the other) and that the S&P 500 managed to clear its all-... READ MORE
As technicians, we look for prior price resistance to act as solid support once the resistance has been broken. That principle came into play on Nike, Inc. (NKE) as it tested a major price support just beneath 54.00 on Friday. NKE gapped down in the latter part of March... READ MORE
Market Recap for Thursday, May 4, 2017 Happy Cinco De Mayo! Cuatro De Mayo turned out to be a very flat day, with bifurcated action throughout the market. Even global markets were bifurcated. I counted 13 international ETFs higher yesterday with 10 lower. Markets everywhere are consolidating after mostly higher... READ MORE
Market Recap for Wednesday, May 3, 2017 Financials (XLF, +0.80%) were easily the best performing sector on Wednesday as banks ($DJUSBK) led the rebound in interest-sensitive stocks. After gapping lower yesterday, the 10 year treasury yield ($TNX) climbed throughout the session and finished back above the 2.30%... READ MORE
Market Recap for Tuesday, May 2, 2017 Traders weren't overly impressed with Apple's (AAPL) quarterly report last night and NASDAQ futures are suffering this morning. However, the NASDAQ 100 ($NDX) has been significantly outperforming the benchmark S&P 500 for months and a bit of... READ MORE
Market Recap for Monday, May 1, 2017 The NASDAQ and Russell 2000 outperformed in a big, big way on Monday and that's always a very positive sign for equities. In addition, strength came from technology (XLK, +0.75%) and financials (XLF, +0.64%), two of the aggressive sectors.... READ MORE
Market Recap for Friday, April 28, 2017 Equities sold off throughout the day on Friday, but no significant levels of support were lost. Starbucks (SBUX) jolted the market a bit, gapping down to test its rising 20 day EMA, but that support level held and while the internet group ($DJUSNS)... READ MORE
On Thursday morning, Exact Sciences Corp (EXAS) was the #1 percentage gainer on the NASDAQ, rising nearly 26%. While that's a massive move by any measure, I doubt that the move higher in EXAS has ended. If you look at a weekly chart, you'll see that... READ MORE
Market Recap for Thursday, April 27, 2017 Consumer discretionary (XLY, +0.53%) led the bifurcated action on Thursday as travel & tourism ($DJUSTT), gambling ($DJUSCA) and toys ($DJUSTY) all broke to fresh new highs helping to lead the sector higher. The XLY has broken out and is leading once again... READ MORE
Market Recap for April 26, 2017 A late day selloff on Wednesday left the small cap Russell 2000 as the only major index left standing with gains. The Dow Jones penetrated 21000 for a second consecutive session after not doing so for nearly two months. The S&P 500... READ MORE
Market Recap for Tuesday, April 25, 2017 U.S. indices closed significantly higher for a second consecutive session, this time with materials (XLB, +1.61%) leading eight of the nine sectors higher. Only utilities (XLU, -0.13%) failed to gain on the session. We are seeing breakouts one at a... READ MORE