$DIA, $SPY, $QQQ, $RUTX, $VXX
The S&P 500 gained 0.2%, Dow Jones Industrial Average (+0.7%) and the NAS Comp (+0.1%) experienced uneven post options expiry trading action finishing in the Green. The Russell 2000 (-0.2%) did, too, but it finished in the Red.
Most S&P 500 sectors finished higher with consumer staples (+1.2%) and utilities (+1.1%) outperforming.
Conversely, the energy (-1.0%) and material (-0.7%) sectors under-performed the broader market and were the only sectors ending in the Red.
With stocks recouping a good chunk of Tuesday’s losses, there was some hope that the prior day’s weakness was nothing more than a 1-day pullback in an overbought market.
Throughout the session we saw some market participants selling into strength, which resulted in a steady decline throughout the morning that left the S&P 500 below its 50-Day MA at 2619. Then the skidding turned into a wave of buying interest soon after the S&P 500 violated its 50-Day MA
Note: The 50-Day MA has proven to be an important technical support mark the past 2 sessions, where an inflow of buyers has helped prevent selling efforts from getting out of hand. But remember the 3 days after options expiry are often difficult to trade.
The S&P 500 ascended to its flat line in afternoon action despite some headline concerns surrounding a US-China trade deal, global growth prospects, and the US government shutdown
US House Speaker Nancy Pelosi told President Trump Wednesday that he may not deliver a State of the Union speech in the chamber of the House of Representatives until the 33-day-old partial government shutdown has ended.
President Trump held his position and rebuffed her strongly, telling reporters at a White House meeting with conservative leaders that Mrs. Pelosi canceled the House invitation because she is “afraid of the truth.”
Wednesday, the major US stock market indexes finished at: DJIA +171.14 at 24575.62, NAS Comp +5.41 at 7025.28, S&P 500 +5.80 at 2638.66
Volume: Trade on the NYSE came in at 773-M/shares exchanged
- Russell 2000 +7.8% YTD
- NAS Comp +5.9% YTD
- DJIA+5.4% YTD
- S&P 500 +5.3% YTD
HeffX-LTN’s overall technical analysis of the major US stock market indexes if Neutral to Bullish in here.
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