Morning Commentary
It was another down session that left few niches of the market unscathed, but it was also one of those sessions that could have been worse.
But market breadth was trolling with an increasing gulf between the new highs and lows.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
1,042 |
1,436 |
Decliners |
1,862 |
2,895 |
New Highs |
40 |
39 |
New Lows |
116 |
274 |
Up Volume |
1.07 billion |
1.54 billion |
Down Volume |
2.64 billion |
2.76 billion |
Buyers Emerged
However, yesterday, there was a moment during the session when all eleven sectors were in the red, so to see five sectors finish in the green is encouraging. It’s an eclectic leaderboard, but it’s clear, investors took a fresh look at Utilities (XLU).
Key Charts
For all the handwringing over Technology (XLK), the NASDAQ-100 (NDX) is holding above key moving averages and trend lines.
Regional banks, on the other hand, are breaking down big time and could soon retest the lows.
Portfolio Approach
There are no sector weighting changes this morning in the Hotline Model Portfolio.
Today’s Session
It’s extremely quiet this morning, and the kind of market where everyone is on the sidelines waiting for a cue.
Waiting on the sideline is, however, a cue. It’s a sign of anxiousness that could manifest into selling by the close of trading.
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