A Couple of Thoughts Ahead of the Open:
Today is options expiration day.
Our charting service has been down for the last 2 days and just came up. So a quick look at the various sector indices before the open.
- The Dow Industrial Average looks to be moving lower.
- The Banking indices are under pressure.
- The Dow Transports closed yesterday at 5,349.86 on its 40 day moving average. The index is showing continued weakness and could test 5,060.59 on a closing basis.
- The NASDAQ 100 Index ‘NDX’ hit is 40 day moving average yesterday. This may provide support, but I doubt it.
- The S&P 500 ‘SPX’ closed at 1,308.87 yesterday. This is below its 40-day moving aver. I think there is a good chance the ‘SPX’ could move lower and test 1,265.42 on a closing basis.
- The Amex Broker/Dealer Index ‘XBD’ closed at 102.90 yesterday, setting a new 9-month low yesterday and looks to continue to move lower.
- The S&P Insurance Index ‘IUX’ looks to be under pressure.
- Keep an eye on the Philadelphia Semiconductor Index ‘SOX’ It could break support today.
- The high tech indices are under pressure.
Overall, the broad market looks to be continuing to move lower.
1 comment for “Market Commentary – July 15th, 2011”