Markets although finishing lower did exhibit some positive qualities Wednesday. The customary volatility associated with the Fed day saw the Nasdaq lower by 1% in the afternoon hours cutting that deficit by 2/3’s before the close. The chart did produce a bearish harami cross which could forewarn of a trend change, but this market has been like teflon. The S&P 500 found smart support right at its 50 day SMA. We are coming up upon the strongest part of the year being the November through January period. Among sectors only the telecommunications group was able to close higher for the day. We spoke yesterdays of equities which could give us valuable clues to the economies underlying strength. WHR which reported earnings yesterday can be seen as in the benign recovery camp. The stock blasted to an all time high gaining 6.8% and taking out the round 160 handle which had hampered its progress dating back to the beginning of the year. In fact looking at that time period it is quite amazing how tight WHR traded between the 4 weeks ending 12/27/13-1/17/14. All 4 of those weeks CLOSED within a .32 range, extraordinary giving the price of the stock. To be fair we can point to some retail related disappointments where names like KSS CAB URBN, and a WMT lowering guidance. As always ignore all the noise and focus purely on price. I never see bid and ask prices on opinions.
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