Technical Snapshot Key Takeaways
- The S&P, Nasdaq, and Russell finished
Wednesday's session lower, while the Dow was largely unchanged. All the
indices gave up their early session gains after reversing from their
respective initial overhead resistance ranges. Downside support ranges remain
unchanged. The Daily trends on the S&P, Nasdaq, and Russell remain
neutral, while the uptrend on the Dow remains intact. Momentum readings
across all four indices are confirming price action, holding below
resistance, alongside price.
- The Volatility Index (VIX) finished Wednesday's session lower closing well above its initial downside support range from 16.10-15.65. A continued move lower toward support and a break below 15.65 would likely lead to a test of the 15.25-14.45 support range below. A move lower in the VIX would likely align with renewed buying pressure in equities. Conversely, a move higher in the VIX would likely lead to a test of its 18.90-18.30 resistance range, followed by 20.55-19.65. A move higher in the VIX would likely lead to continued selling pressure in equities.
- S&P 500 GIC Sector Rankings (12-Week:
Strongest-Weakest): [1] XLE (Energy), [2] XLRE (Real Estate), [3] XLU
(Utilities), [4] XLP (Consumer Staples), [5] XLF (Financials), [6] XLC
(Communications), [7] XLV (Healthcare), [8] XLK (Technology), [9] XLB
(Materials), [10] XLY (Consumer Discretionary), [11] XLI (Industrials)
...