Matt's Market Insights
Last week the S&P 500 fell though strong support at 1840 and its 50-day moving average to reach a two-month low. We're seeing a bounce today, partially the result of better than expected retail sales, but the short-term trend remains down. The next level of support comes in near 1810. I wouldn't be surprised to see the market trade between these two levels for awhile as investors await further earnings reports to gauge the landscape.
The only major US index that is positive for the year is the Utilities, up over 9%. In comparison, the Dow is down 2.5%, the Transports are flat, the NASDAQ is down almost 4% and the S&P is off by 1%. Utilities leading the way is not a sign of a raging bull market. While the other averages are still very close to new highs, there is something worrisome on investors' minds. The herd seems confused, as ... Log in or subscribe to continue reading.
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