Bears On 5-Session Winning Streak

The major indexes were able to rally off their morning lows and made a feverish push towards positive territory in the final hour of trading. Early February support levels were tested and remain in play with volatility spiking to a fresh monthly high before settling lower for the session.

The Nasdaq declined 0.2% after testing an opening low of 7,332. Prior and upper support at 7,325-7,275 held with risk to 7,200-7,150 and the 50-day moving average on a move below the latter.

The S&P 500 also slipped 0.2% following the morning pullback 2,722. Early February and upper support at 2,725-2,700 was breached but held on the 2nd-straight close below the 200-day moving average.

The Russell edged down 0.1% after tapping a morning low of 1,510. Prior and upper support at 1,510-1,500 was tripped but held with a move below the latter getting 1,485-1,475 and the 50-day moving average in play.

The Dow also dipped 0.1% following the drop to 25,252 shortly after the opening bell. Fresh and upper support at 25,250-25,000 and the 200-day moving average held with backup help at 24,800 and the 50-day moving average.

For the week, the Russell plummeted 4.6% while the Nasdaq tanked 2.5%. Both the S&P 500 and the Dow dropped 2.2%.

Utilities led sector strength after rising 0.4% while Materials added 0.2%. Energy tumbled 1.9% to easily lead sector laggards while Consumer Discretionary fell 0.7%.

Utilities and Real Estate were the only sectors that closed in the green for the week, gaining 0.7% and 0.4%, respectively. Healthcare and Energy were hit for weekly losses of 3.8% while Industrials and Financials stumbled 2.8% and 2.7%, respectively.

 

  I hope this helps you prepare for the trading day. Make it a great one!

   Todd Mitchell