Yesterday was the 6th day of sideways trading on the S&P 500, all ofit moving around the 50 day moving average. Even with earnings season beginning today, the markets will be concentrating more on Washington rumors. A positive rumor from DC will outweigh negative earnings news.
The technicals are still mostly neutral, although the Williams %R was back in oversold territory after yesterday’s downward move. Just remember, the Williams %R is only a confirming technical, and I wouldn’t trade based on it alone.
The S&P 500 levels to watch today:
UPSIDE: 1679 (50 day moving average), 1680-1682 (2 data points), 1687 (October 7th’s high and May’s high), 1691-1696 (4 data points and the 20 day moving average), 1698 (July’s high), 1709 (August’s high), and 1720 (top of the Bollinger Bands).
LAST CLOSE: 1676.
DOWNSIDE: 1674 (October 7th’s low), 1670 (October 3rd’s low), and 1669 (bottom of the Bollinger Bands).
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Wow! The social media stocks are getting killed. They were probably due for a pull back after a pretty nice run.
Everything is on sale! Sea of RED! Any buyers out there?
Me. 🙂
Not me. I do not see anything cheap enough yet. I am watching all my stocks, some are starting to look tempting but I still feel like we have a capitulation coming. I am glad I am 22% in cash, but this week has not been fun,down 2.6%.
There will definitely be a capitulation. It’s just a question of whether it’s the Republicans, Democrats, or the markets. 😉