Markets fell in the last hour of the session, with the Nasdaq taking the brunt of the hit falling .6%. It ever so briefly at the open eclipsed the 3600, only to fall back below it by the close. Last weeks losers, GOOG MSFT EBAY INTC, handed off the baton this week, to weakening names like LNKD which has slipped below its 203.01 flat base trigger it took out last Thursday. NFLX was down more than 4% today, after earnings. AAPL woes at 50 day SMA resistance continue (decent beat after hours). The S&P 500 finished flat after almost touching 1700. Perhaps the magnetic grip at that large number is loosening. The question is whether the benchmarks are just resting up here at this high altitude, or are they fatiguing? Bulls and bears have their reasons to feel their own convictions. The bears could point to earnings disappointments compounding, especially among big tech. Also the building stocks even with Tuesday’s decent moves, their charts are still in disarray. Home values used to make up a good percentage on consumers sentiment, as they used inflated prices as ATMS’s a few years back. Are the ugly charts a sign of a housing market not quite ready to rebound? Perhaps their feelings, have been cheered up by all time stock indexes highs. But how many have participated? The bulls can point to the fact that even at record highs here, merger activity continues at a lukewarm pace. Names like CSE FIRE were taken out today, and others like SHFL last week. Let the tug of war proceed.
This article requires a Chartsmarter membership. Please click here to join.