US Stocks: The Bulls Paused to Refresh
$DIA, $SPY, $QQQ, $RUTX, $VXX
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%.
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
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