Off the Charts
There is not much new to say as the range in the S&P (SPY) continues to get tighter in front of September highs of 1474. The 8-day moving average continues to support this market but there has been no upside follow-through. The S&P closed marginally positive on the day, posting gains of 0.02% after opening lower.
The S&P is hovering at highs and the financials continue to outperform. Today Goldman Sachs (GS) and JP Morgan (JPM) broke out to new yearly highs after strong earnings reports, but it was not enough to get this market in gear. Technology stocks are diverging from one another and there are some stocks showing weakness under the radar. Chipotle (CMG), for example, closed the day down 5% after pre-announcing weak guidance. The same situation played out with Lululemon (LULU) last week....798 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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