For now, there is nothing of value in reviewing and writing in-actionable material.
S&P: 373 components advancing and 102 components declining. NYSE: 3,152 issues were traded with 2,075 advancing issues and 968 retreating issues, a ratio of 2.14 to one advancing. There were 108 new highs and 14 new lows. The five day moving average of New Highs is 73 while the five day moving average of New Lows is 18 and the ten day moving average of Net Advancing is -194.
65.2% of the S&P issues are above their five day moving average, 44.6% are above their 10 day average, 53.2% are above their 20 day moving average, 60% are above their 50 day moving average, and 84.6% are above their 200 day moving average.
S&P futures are down 9 points so far this morning as People's Bank of China announced that the deposit reserve ratio for most banks would be raised -- the fourth reserve increase this year. Another anti-inflation move by China.
The Friday options expiration session began without a significant gap but quickly moved higher a couple of points before giving it back and moving into negative ground. Then SPX quickly bounced almost seven points in less than fifteen minutes but this was a volatile quick moving morning session and the index gave those points back almost as quickly as it had gained them. Then things began to settle down just before 11:00 and the bulls took control. The index worked higher for a couple of hours before putting the high of the day on the chart at 1:00 pm. Afternoon trading was relatively sluggish as the index gave back almost four points but closed at two thirds of the intraday range. But it is worth noting that the Russell 2000 closed at the top of its intraday range and that would appear to be bullish.
S&P lost 0.64% but the internals were awful we should have lost a lot more. So once again the market continues to be quite resilient, undoubtedly buoyed by the Fed free money, nausea setting in. Not much more to report. Breadth and volume were weak and I expect more of the same. Price is now above the 50dma, who cares!
S&P lost 0.64% but the internals were awful we should have lost a lot more. So once again the market continues to be quite resilient, undoubtedly buoyed by the Fed free money, nausea setting in. Not much more to report. Breadth and volume were weak and I expect more of the same. Price is now above the 50dma, who cares!
65.2% of the S&P issues are above their five day moving average, 44.6% are above their 10 day average, 53.2% are above their 20 day moving average, 60% are above their 50 day moving average, and 84.6% are above their 200 day moving average.
Consumer Staples, Basic materials, and Energy were stand outs on Friday.
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