Markets put in another lackluster session except for the Nasdaq which rose .5% and is now on a current 8 session winning streak. The S&P 500 added .1% recording a bullish hammer candle, and it was the Dow which we rarely follow that was lower marginally because of a high priced financial play that reported earnings, with GS dropping. Remember the Dow is a price weighted index and with another higher priced name IBM reporting after the bell it could weigh on the mature benchmark. Technology, cyclicals and utilities led Tuesday and it was the industrials, materials and energy that slacked. Healthcare continues to be a group we are focused on as the XLV is becoming quite coiled as it spoons the round 80 number the last 4 weeks with 2 CLOSES above. Financials should be watched closely and keep in mind they will impact the Russell 2000 as they have they largest weighting in the index. Below is yet another coiled chart from that sector that aligns with the very 150 round number. It is SPGI and how it was profiled in our Wednesday 7/12 Game Plan. The reason I like to capitalize CLOSE all the time because finishing prices are supreme. This name is a great example as the last 5 sessions all were above 150 intraday or came within .12 of the figure but zero CLOSED above. Peer MCO in the group looks solid as well and it is important to have fellow names doing some of the heavy lifting too.
This article requires a Chartsmarter membership. Please click here to join.