Stocks fell Friday, ending the week lower despite consumer sentiment rising to an eight-month high in May. The improvement is a good sign as sentiment rebounds from a low in November which could translate to improved consumer spending. All three major averages closed negative, with the Dow Jones industrial average falling 62.68, or 0.8 %, to 8,268.64. The broader Standard & Poor’s 500 index lost 10.19, or 1.1 %, to 882.88, and the Nasdaq composite index declined 9.07, or 0.5 %, to 1,680.14.

For the week, the Dow fell 3.6 %, the S&P 500 index lost 3.4 % and the Nasdaq slid 5 %.

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The S&P futures look to have found some footing. The market chopped back and forth in the 878 – 890 for quite some time before breaking out making a series of higher highs and higher lows. The bottom for this pull back appears to be in place. If market manages to hold or increase gains and close up today, look for new market highs next week.

Well the market seems to have lost its steam. Or has it? Friday is options expiration. The big money let calls expire in the money last month. Not being known as the gift giving types, don’t expect it to happen again. I suspect the S&P futures market will close above 900 on Friday. Potentially as low as 875-850 . Then . . .  back to the uptrend!

The rally is not over .. yet. As we have beensaying all month, “Buy the dips”. Look for the DOW to come close to, if not hit the 8200 area today and as high as 8500 on Friday. The S&P500 should make it through 900 by Friday.

We are looking for a bounce in the market today, tomorrow and depending on how much ground is covered, into early next week. The SP500 April 1 gap was filled during the overnight session leaving two gaps on the upside (April 3 and April 6). We think both will be filled in short time followed by anther higher high.

We are looking for a bounce in the market today, tomorrow and depending on how much ground is covered, into early next week. The SP500 April 1 gap was filled during the overnight session leaving two gaps on the upside (April 3 and April 6). We think both will be filled in short time followed by anther higher high.

The dramatic run up that we have seen in the S&P 500 may be coming to an end. The retracement back over the 840 level should provide sufficient resistance to reverse this market to the downside. (more…)

The S&P500 market, along with the other equity markets, rallied sharply and created a massive gain of 20% in a matter of weeks. This is the biggest and fastest gain that these indices have seen since the 1930s.

So the question is: Is the move over, or is this the pause that refreshes? (more…)

Last week I watched a video analysis of the S&P and Crude Oil markets. The technical analysis was right on at the time, but those markets have changed quite a bit in the last few days. The S&P had a huge rally and Crude seemed to steady out, so what’s the new analysis? Glad you asked! (more…)