Equities Finished Lower on Weaker Energy and FAANGs

Equities Finished Lower on Weaker Energy and FAANGs

Equities Finished Lower on Weaker Energy and FAANGs

$DIA, $SPY, $QQQ, $RUTX, $USO, $VXX

The S&P 500 fell 3.8% on this Holiday-shortened trading week, erasing its gain for the year. The DJIA lost 4.4%, the NAS Comp lost 4.3%, and the Russell 2000 lost 2.6%.

The S&P 500 lost 0.7% Friday on low-volume. Friday’s session extended the benchmark index’s weekly losses to 3.8%.

The energy sector under-performed with a loss of 3.3%, as Crude Oil prices continued to fall deeper into Bear market territory

FAANGs continue to struggled with Facebook and Appleleading the decline.

Apple has reportedly resumed production of its 2017 iPhone X on shrinking demand for its 2018 iPhone X Max model, according to IBN, and has also reportedly lowered the price of its iPhone XR in Japan to increase sales, according to reports. Facebook and Apple shares dropped over 5.0% and 10.0%, respectively on the week.

On the defensive issues: consumer staples (+0.3%), health care (+0.1%), and utility (+0.1%) sectors closed on a higher note.

Many companies within the consumer discretionary sector (-0.4%) were on display as consumers flocked to retailers for the sales-driven Black Friday shopping event.

The financial media has been reporting the throngs consumer traffic since Thursday afternoon, the small sample size should not be used to draw final conclusions about the strength of Holiday sales across the country, some of which is being blanketed with snow.

In the bond market: the 2-yr yield added 1 bpt to 2.83%, while the 10-yr yield shed 1 bpt to 3.05%.

The US Dollar (.DXY) Index, which tracks the Buck’s  performance Vs 6 peer currencies, rose 0.2% to 96.94.

Overseas: global equities closed Friday mixed. China’s Shanghai Composite led Asian markets South with a loss of 2.5%, while Italy’s MIB led the European advance with a gainer of 0.6%.

Friday, the major US stock market indexes finished at: DJIA -178.84 at 24284.85, NAS Comp -33.27 at 6939.19, S&P 500 -17.37 at 2632.70

Volume: Trade on the NYSE came in at 440-M/shares exchanged

  • NAS Comp +0.5% YTD
  • DJIA -1.8% YTD
  • S&P 500 -1.5% YTD
  • Russell 2000 -3.1% YTD

HeffX-LTN’s US Major Stock Market Indexes Technical Analysis for the Week Ended 23 November 2018

Date Symbol Price Technical Analysis Support Resistance
23 November 2018 QQQ 160.44 Bearish (-0.39)  Nil 161.58
23 November 2018 DIA 242.84 Bearish (-0.25) 240.47 244.44
23 November 2018 SPY 263.27 Bearish (-0.44)  Nil 267.65

Have a terrific weekend

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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.

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