Please enable javascript in your browser to view this site!

Mid-Day Wednesday- Financials & Tech working ahead of FOMC

Into mid-day, we've seen S&P largely attempt to stabilize in the last hour after dropping 17 points shortly after the open-  NASDAQ continuing to tread higher and up by 0.50% which is leading NASDAQ comp to breakout vs SPX in relative terms.. Both Financials and Tech still demonstrating good strength as yields are pressing up, so difficult to make too much of minor pullback today thus far-   Energy down over 1%, second to Utilities, with DOE stats today largely confirming what API suggested the other day that Crude and Gasoline inventory still moving sharply higher, while demand is slackening.  yet prices have managed to weather this info fairly well.. but quick pop in Crude by $1 post data was immediately given back and still largely NO trend in Crude going back since mid-December.  For this afternoon, suspect market can trend back higher, but UNDER 2268 would change that and allow for a retest of yesterday's lows-  Given that both Tech and Financials are working well though, it's tough technically to make too much of any decline particularly given that support continues to hold up well- Overall, getting up above 2279 by the close would be a positive heading into the final two days of the week, considering that earlier gains were repelled and should allow mkt to move higher, largely based on Financials and Tech strength-  For today, the movement in BOND YIELDS-  SPANISH in particular.. is notable.. and Financials strength.. and both of those are themes that look to continue- Let me know if you have questions