The market took a nosedive on Monday, sending SPX down to test 1310 and Nasdaq down more than 2%! Today, the market was weak again in the morning, but, managed to close higher in the afternoon. Agriculture stocks once again pushed higher: POT +3.63%; MOS +4.32%; CF +2.87%; AGU +2.19%. MON will report earnings tomorrow morning.
Energy stocks bounced today: CVX +1.89%; XOM +1.43%; OXY +2.2%. Techs were mixed. AMZN (+2.52%) and LNKD (+3.27%) were among the leaders.
The Dow was up +32.01 points; SPX added +6.27 points; Nasdaq gained +17.9 points:
MOO (agriculture) popped +1.77%. XLE (energy) added +1.08%. FDN (internet) climbed +1%. Both SLV (silver) and GLD (gold) were down.
SPX added +6.27 points to close at 1319.99, just under 1320. The MACD slid.
Nasdaq gained +17.9 points to close at 2854.06. It closed above its 20-day MA. The MACD was down slightly.
After a few days of choppy trading, the market indices barely hung on. However, it does appear that the market may be ready for a pop, as the financial and energy sectors seem to be working off the selling pressure. Whether or not a rally can last will still have to be seen. The immediate resistance will be at SPX 1340. AMZN and LNKD’s strength today was interesting. GS has been really weak. We’ll be watching to see if GS can make a turn-up tomorrow. Housing numbers have been improving. SHW has been really strong and MLM popped today. SPG is another strong stock to keep an eye on.
Good night and HappyTrading! ™