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Healthcare Weak, while stocks paring losses ahead of FOMC

Still very difficult to find much fault with Equities, as early morning selloffs held where they needed to, just above 1990 and have promptly rebounded back to near session highs with 30 minutes remaining as have Treasury yields, with TNX back up to over 1.97%.   Energy has rallied well off its lows, while Utilities and Staples continue to show strength, showing some of the defensive tendencies of this market of late.  Meanwhile Small caps are underperforming dramatically, with the Russell 2k down nearly 1.5%, which along with negative breadth of about 4/1 negative, is a mild negative.   However, Technology's rally is helping XLK reach the highest levels of the year, and given its representation in the SPX, is constructive.  Overall, The area near 2008 for S&P has importance on the upside in the near-term as does 1996 down to 1990 on the downside-  See the charts below for S&P and notice the bullish structure thus far, despite the negatives.

Still no signs of Trend damage, despite this early morning selloff, and prices held where they needed to

Still no signs of Trend damage, despite this early morning selloff, and prices held where they needed to

S&P charts show what looks to be a corrective type decline on an hourly basis, but 1996 is a near-term stop for trading longs, as is 1990

S&P charts show what looks to be a corrective type decline on an hourly basis, but 1996 is a near-term stop for trading longs, as is 1990

XLV down to near key hourly support given broadbased Healthcare weakness, but structure here also has not been damaged

XLV down to near key hourly support given broadbased Healthcare weakness, but structure here also has not been damaged

Crude oil chart definitely the one part of Energy that remains a concern after this breakdown-  and counter-trend rallies given this weakness very well could prove to be selling opportunities

Crude oil chart definitely the one part of Energy that remains a concern after this breakdown-  and counter-trend rallies given this weakness very well could prove to be selling opportunities

Natty Gas has rallied to near resistance, and 1.95 will be key-  Until there are proper signs of trend reversal though, this bounce likely should be sellable at a bit higher levels

Natty Gas has rallied to near resistance, and 1.95 will be key-  Until there are proper signs of trend reversal though, this bounce likely should be sellable at a bit higher levels