30 More Company Stocks Join S&P’s 52 Wk Low Club

30 More Company Stocks Join S&P’s 52 Wk Low Club

30 More Company Stocks Join S&P’s 52 Wk Low Club

$DIA, $SPY, $QQQ, $VXX

Wall Street stock indexes extended the fall for their worst 2-day decliner in about 10 months.

The 3 major market indexes fell at least 1.5% in the wake of Thursday’s  UK referendum that has roiled global markets and led investors to seek safe-haven assets.

Along with tech, materials, financials and energy stocks were the worst-performing S&P market sectors.

8 of the 10 major S&P sectors closed lower.

Utilities and telecom services, 2 high dividend-paying groups, were the gainers.

Since early Friday morning, the S&P 500 has fallen 5.3 percent, its worst 2-day slide since August 2015.

Prior to the  “Brexit” vote Thursday, the S&P 500 closed within 17 points of its May 2015 record high and was turned away dramatically, and is there certainly is potential for some more Southside action in here.

US Treasury Secretary Jack Lew said he sees no signs of a financial crisis arising from Britain’s decision, although the result does present additional “headwinds” for the US economy, typical of government jawboning to quell investor fears. Sec. Lew has really noting to say about the negative sentiment of the financial markets,

Banks continued to be among the worst-hit as traders discounted chances the US Fed will raise interest rates anytime soon.

The USD posted sharp gains, dealing an earnings blow to US company stocks that receive a large portion of sales from overseas. GBP is now at a 31 year low Vs the USD.

Monday, the US major stock market indexes finished at: DJIA-260.51 at 17140.24, NAS Comp -113.54 at 4594.44, S&P 500 -36.87 at 2000.54

Volume: Trade heavy, more than 10.5-B/shares changed hands on US stock exchanges.

The S&P 500 posted 20 new 52-week highs and 30 new lows, the NAS Comp recorded 14 new highs and 168 new lows

  • NAS comp -8.3% YTD
  • Russell 2000 -4.0% YTD
  • S&P 500 -2.1% YTD
  • DJIA -1.6% YTD
HeffX-LTN Analysis for DIA: Overall Short Intermediate Long
Neutral (-0.20) Bearish (-0.30) Bearish (-0.38) Neutral (0.08)
HeffX-LTN Analysis for SPY: Overall Short Intermediate Long
Neutral (-0.19) Neutral (-0.14) Bearish (-0.44) Neutral (0.01)
HeffX-LTN Analysis for QQQ: Overall Short Intermediate Long
Neutral (-0.22) Neutral (-0.11) Neutral (-0.21) Bearish (-0.36)
HeffX-LTN Analysis for VXX: Overall Short Intermediate Long
Neutral (0.03) Neutral (-0.00) Neutral (0.12) Neutral (-0.04)

Stay tuned…

 

The following two tabs change content below.

Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

You must be logged in to post comments :  
CONNECT WITH