US Stocks: The Bulls Paused to Refresh

US Stocks: The Bulls Paused to Refresh

US Stocks: The Bulls Paused to Refresh


Wednesday in light trade the S&P 500 finished off a bit, capping a 4-session streak.

The SPY lost  0.1%, now just 0.5% of its 26 January record high.

The NAS Comp ticked up, adding 0.1%.

The DIA gave back 0.2%.

No sector advanced or declined more than 0.8% on the day.

The financials (+0.3%) and technology (+0.3%) spaces were the Top performers balancing losses elsewhere. These 2 groups are heavily-weighted, representing around 40% of the broader market.

The energy (-0.8%) and consumer staples (-0.8%) sectors lagged.

The energy sector declined; Crude Oil prices fell after the EIA’s weekly inventory report showed a smaller-than-expected draw of 1.4-M bbls.

NYMEX WTI Crude futures fell 3.2% to 66.94 bbl, a 6 week low.

US Treasuries ended flat to Unchanged, with the yield on the benchmark 10-yr T-note finishing unchanged at 2.97%.

The US Dollar (.DXY) Index ticked down 0.1% to 94.92

CBOE Volatility (VIX) Index was off  1.8% to 10.73, marking a fresh 7-month low.

On the data front

Wednesday’s only economic report, the weekly MBA Mortgage Applications Index, showed a decrease of 3.0%.

Looking ahead

Thursday, investors will receive the Producer Price Index (PPI) for July, the weekly Initial Jpbs Claims report, and the Wholesale Inventories report for June.

Wednesday, the major US stock market indexes finished at: DJIA -45.16 at 25583.75, NAS Comp +4.66 at 7888.33, S&P 500 -0.75 at 2857.44

Volume: Trade on the NYSE came in at 662-M/shares exchanged

  • NAS Comp +14.3% YTD
  • Russell 2000 +9.9% YTD
  • S&P 500 +6.9% YTD
  • DJIA +3.5% YTD

HeffX-LTN’s US Major Stock Market Indexes Technical Analysis

Date Symbol Price Technical Analysis Support Resistance
8 August 2018 QQQ 182.02 Bullish (0.31) 180.13 182.82
8 August 2018 DIA 255.62 Bullish (0.28) 255.32 257.10
8 August 2018 SPY 285.46 Bullish (0.40) 284.51 288.04

Stay tuned…

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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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