Today on the Marketbeat: 880 on the S&P = Bounce

Market #'s @ Closing Bell:

S&P: +9
DOW: +45
NASDAQ: +25
Rus2K: +9
TSX/S&P: +171
$VIX: -2.20


Internals:

Core Sector List: 13/3

- NYSE -
BREADTH: 3.5/1
AD LINE: 1250

- NASDAQ -
BREADTH: 2.8/1
AD LINE: 1000

Today on the Marketbeat: 880 on the S&P = Bounce




3-Month Chart of SPY (click Thumbnail to expand)

After a couple days of choppy to bearish price action across the equity board, today brought about the first sign that the Bulls had not sold in May and gone away. The S&P's once again used 880 as support and rallied modestly off those levels closing the day around 890 on the ES, hitting as high as 897 at its highs. The strongest out of the pack today was the NASDAQ which has been leading the rally this spring.

Under the hood the internals once again led the intraday traders the right way to the up side as the core sector list closed the day @ 13/3, while the Ad Lines recaptured some of those tick loses closing up the day around +1000 ticks on both NASDAQ & NYSE. Closing out the bunch the Breadth closed the day @ 3.5 & 2.8 to 1 on the NYSE & NASDAQ respectively.

Tomorrow marks the ever famous option expiry day so expect some wild price action on the option scene. As for the market we are in between highs and lows leaving us in no mans land, watch for a break of 900 (ES) or 90 (SPY) for a buy signal to the upside.

Today on the Marketbeat: Down comes the rain and washed the SPYder out

Market #'s @ Closing Bell:

S&P: -24
DOW: -184
NASDAQ: -44
Rus2K: -21
TSX/S&P: -329
$VIX: +1.92


Internals:

Core Sector List: 14/2

- NYSE -
BREADTH: 10/1
AD LINE: -2380

- NASDAQ -
BREADTH: 17/1
AD LINE: -2000

Today on the Marketbeat: Down comes the rain and washed the SPYder out

Today was another day reminiscent of Monday's trading action, with a couple of key differences. While both down days this week have come with a gap down in the early trading hours, the way the market reacted to the gaps was a bit different. Monday was a bearish day but with some bullish side chatter. Today on the other hand was all Bears, which isn't to say that we should be looking to short the market entirely, in fact this pullback is healthy for the market as it has run up with almost a Redbull type of fever. A 30% retracement off the highs, which should take us down to about 85 on the SPY would be something that is 1) expected when facing a climb out of a recessionary market and 2) good for the overall bull market. Add to that the fact that May-June are more often than not very bearish months, where many investors use the motto - Sell in May and go away.

Today's internals were very bearish, with the Breadth being the most closing the day at its lows @ 10/1 on the NYSE and 17/1 on the NASDAQ. The AD Lines dropped into the red on the opening bell and never looked back closing the day below 2000 ticks under. While the Core sector list was a sea of red, closing @ 14/2 to the bears.

The rest of the week is expected to continue the volatility, with some big names releasing earnings combined with economic reports and Option Expiry week. Plan your trade, and trade your plan...and Happy trading.

Today on the Marketbeat: Down goes the Spyder

Market #'s @ Closing Bell:

S&P: -20
DOW: -155
NASDAQ: -7
Rus2K: -10
TSX/S&P: -198
$VIX: +0.84


Internals:

Core Sector List: 12/4

- NYSE -
BREADTH: 5/1
AD LINE: 1300

- NASDAQ -
BREADTH: 1/1
AD LINE: 530

Today on the Marketbeat: Down goes the SPYder

After weeks of relative strength in the overall equity markets, the bulls took a solid breather to the downside in Monday's action. With the exception of the NASDAQ which was the most bullish out of the exchanges, Monday took the Dow and Spy down on the opening bell and the bulls didn't take the bait just yet.

Under the hood the internals were mostly in the red, with the Core Sector List closing the day @ 12/4 tot he bears, the Breadths were mixed with the NYSE breadth closing near its lows for the day @ 5/1 to the bears while the NASDAQ finished the day at parody. The Ad Lines also tacked on some losses but nothing substantial.

Tomorrow isn't a big day on the economic report side of things, so we could see some chop or continued movement tot he downside that would bring the SPY to a more reasonable level for bulls to nip at the dip. Till then we here at the Marketbeat are sitting on our hands getting ready for the next move.