Markets finished near the UNCH mark Thursday as the Nasdaq and S&P 500 are potentially looking at their first weekly losses in the last 7. Heading into Friday the Nasdaq is lower by .6% and the S&P 500 by .8%. Surely one would forgive any weakness following the run these indexes have had. Are their chinks in the armor? One can look at the Russell 2000 which underperformed once again today lower by .4% and it is on a current 6 session losing streak after CLOSING underneath its 50 day SMA for the second straight session (the benchmark did finish lower 7 of 8 sessions to compare it to anything what it is going through now just before its historic 15 session winning streak last November. Looking at other instruments for clues the HYG has lost ground everyday this week and heading into Friday is lower by 1.9%, and gains or losses more than 1% are not the norm as it has yet to record one this year. Volume this week in the ETF is already greater than any in the last 4 months and we still have one more day this week to record. Oil continues its slide as WTI has fell 4 straight days but today did manage to bounce of its rising 200 day SMA. I keep remembering ones tweet, wish I could give him or her credit but I can not recall, that said wouldn’t it be fitting if the largest most recognizable IPO in years called a market top? SNAP may have just done that. Tomorrows employment report should have some say and remember the Nasdaq has not registered a down Friday in 2017 yet. The private employment number Wednesday was robust. Financials were a bright spot Thursday and below is the chart of SF and how it was presented in our Tuesday 3/7 Game Plan.
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