Afternoon Note
It has been an interesting and volatile session thus far and must hold supports have held. These support points aren't automatic trap doors...but swing points where stocks can take a stand. The fate of stocks and other instruments are not automatically sealed when these numbers are briefly breached. There is wiggle room on either side, but as the underlying security moves below these key numbers, the more vulnerable they become in terms of downside and velocity.
Right now, yesterday's S&P 500 close under 4,200 is considered a flash and must hold point. The S&P 500 dipped below it earlier in the session, but buyers emerged.
Now, all the major indices are now in the green, up over 1%. Ten of the 11 S&P 500 sectors are in up, with the beaten down Technology sector outperforming, up almost 3%, while Communications Services is the lone sector in the red due in large part to an earnings disappointment from Google (GOOG/L).
S&P 500 Index |
+1.35% |
|
Communication Services XLC |
-0.98% |
|
Consumer Discretionary XLY |
+1.30% |
|
Consumer Staples XLP |
+1.31% |
|
Energy XLE |
+2.01% |
|
+0.72% |
||
Health Care XLV |
+0.49% |
|
Industrials XLI |
+1.07% |
|
Materials XLB |
+2.38% |
|
Real Estate XLRE |
+0.81% |
|
Technology XLK |
+2.96% |
|
Utilities XLU |
+0.86% |
However, breadth is mixed, and new lows paint a very different story, as 52-week lows continue far surpass new highs.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
2,064 |
2,462 |
Decliners |
1,163 |
2,009 |
New Highs |
6 |
20 |
New Lows |
393 |
712 |
Up Volume |
1.67 billion |
1.81 billion |
Down Volume |
821.10 million |
994.44 million |
The greenback has been on fire lately and is nearing highs from 2017 and 2020. This however is not great news for multinational corporations. The 10 year treasury is relatively flat today, hovering around 2.8%.
On the housing from, the weekly MBA Mortgage Index was down 8.3% from the previous week’s -5.0%. Meanwhile, March pending home sales came in above expectations, down -1.2% versus estimates of -1.5%, and compared to February’s -4.0%.
Let’s see if we can build on these gains going into the close.
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4/24/2024 1:30 PM | Earnings Flood In |
4/24/2024 9:26 AM | BUYING THE DIP |
4/23/2024 1:25 PM | Bloom Off Rose |
4/23/2024 9:32 AM | WHAT HAPPENED TO THE BRAVADO? |
4/22/2024 1:22 PM | Pins and Needles |
4/22/2024 9:30 AM | LIVE BY THE SWORD … |
4/19/2024 1:20 PM | Fair Chunk of Rotation |
4/19/2024 9:35 AM | DON’T OVERREACT |
4/18/2024 1:37 PM | Didn’t Break Down |
4/18/2024 9:40 AM | MARKET OFF SCRIPT |
4/17/2024 1:59 PM | Facing Pressure |
4/17/2024 9:37 AM | POWELL STILL WANTS TO HELP |
4/16/2024 1:35 PM | Muted |
4/16/2024 9:42 AM | FEAR ARRIVES |
4/15/2024 1:17 PM | Making a Statement |
4/15/2024 9:45 AM | Equal Opportunity Drubbing |
4/12/2024 1:37 PM | Pressure Overall |
4/12/2024 9:42 AM | WHO YA GONNA CALL? |
4/11/2024 1:38 PM | No Urgency |
4/11/2024 9:27 AM | Tough Sledding |
4/10/2024 1:22 PM | Hang In There |
4/10/2024 9:51 AM | HERE COMES THE LATEST RATIONALE FOR PERSISTENT INFLATION |
4/9/2024 1:56 PM | Fighting the Trend |
4/9/2024 9:46 AM | NEXT TIME, MAKE IT A HOLIDAY |
4/8/2024 9:45 PM | Cautious Feel |
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