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Afternoon Note

Market Meanders

By Charles Payne, CEO & Principal Analyst
7/15/2021 2:12 PM

The major indices dropped, as investors digested a parade of mixed corporate earnings results and reassurances from Fed speakers that inflation would likely be temporary.

Financials reversed from early lows and is the top performing sector. Weakness in Megacaps are adding pressure to Technology.

S&P 500 Index

 

-0.36%

Communication Services XLC

 

-0.77%

Consumer Discretionary XLY

 

-0.62%

Consumer Staples XLP

+0.03%

 

Energy XLE

 

-0.90%

Financials XLF

+0.27%

 

Health Care XLV

 

-0.14%

Industrials XLI

+0.09%

 

Materials XLB

+0.07%

 

Real Estate XLRE

 

-0.17%

Technology XLK

 

-0.82%

Utilities XLU

+0.63%

 


Breadth is decisively negative this afternoon, with decliners surpassing advancers.

Market Breadth

NYSE

NASDAQ

Advancing

1,300

1,598

Declining

1,915

2,601

52 Week High

77

36

52 Week Low

33

150

Up Volume

742.63M

1.13B

Down Volume

1.33B

1.45B

The S&P 500 continues to consolidate below that 4,400 resistance level and the NASDAQ is right in the shadows of an all-time high. The yield curve just plunged with 10-year yields dropping back below 1.30%.


Comments
Again Charles I appreciate your analysis of the markets and the push and shove of the Big Caps.

Van Bullock on 7/15/2021 6:08:34 PM
 

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