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Notes to myself, possibly of interest to others.
-- Bill Northlich

Tuesday, November 6, 2012

Market today

Despite the early-morning green hue in the futures, U.S equities are at an inflection point through a technical lens; the S&P is churning under resistance (negative) while the NDX has tested the 200-day eight times (and trying to hold the line). All the while, we're seeing lower highs in the banks (BKX at the 50-day), the Russell (IWM at the 200-day) and the semiconductors (SOX).
The Hold Camp
The banks (BKX), trannies (TRAN), Semis (SOX) and metals (XAU) are all out- performing the broader market (by about 70 bips each). Breadth has been sticky green all session (and tapes that are strong all day with 2:1 internals) tend to end that way. The NDX held the 200­day and is trading above that all ­important level (NDX 2661)

The Fold Camp
Apple (AAPL)­­which has been a great leading indicatorv­­is back below the 200­day.

The S&P continues to churn and is facing resistance in the S&P 1430-­1435 range. My sense­­, but it's only my sense, is that odds favor a downdraft tomorrow.
---Prop. source

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