US Market Looking for Technical Confirmation

US Market Looking for Technical Confirmation

US Market Looking for Technical Confirmation

$DIA, $SPY, $QQQ, $VXX

Tuesday, the DJIA and S&P 500 fell ending a 6-session winning streak

Markets have been choppy in recent weeks, correcting 10% from their 26 January high only to rebound last week with their best weekly gains in 5 years.

Tuesday’s declines pushed the S&P 500 below the 50-Day MA, a technical support mark.

The Key market framework in terms of the economic landscape and earnings have not changed. We are looking for a technical confirmation the markets are on solid footing, it appears that we are having that confirmation now.

Tuesday, the major US stock market indexes finished at: DJIA -254.63 at 24964.75, NAS Comp -5.16 at 7234.31, S&P 500 -15.96 at 2716.26

Volume: Trade on the NYSE came in at: 853-M/shares exchanged

Declining issues outnumbered advancers on the NYSE by a 1.98-to-1 ratio, NAS a 2.05-to-1 ratio favored decliners.

The S&P 500 posted 14 new 52-week highs and 1 new low, and the NAS Comp recorded 86 new highs and 30 new lows.

  • NAS Comp +4.8% YTD
  • S&P 500 +1.6% YTD
  • DJIA +1.0% YTD
  • Russell 2000 -0.4% YTD

HeffX-LTN Market Indexes Technical Analysis: Neutral across the board

Stay tuned…

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