By Markus Heitkoetter
Stocks tumbled out of the gate. But the DOW and S&P recovered and stayed in a pretty narrow range for most of the session. The S&P ended the day down just 1.5 points and the DOW ended 43 points higher.
But performance in the DOW and S&P was only half of the story. It appears as though investors are interested more in blue chip stocks ahead of this week’s Fed Statement. In comparison to the strength in the DOW, riskier tech stocks and small caps were killed today. Both the NASDAQ and RUSSELL ended the day down over 1%. The close lower is the lowest close in the last month for both indices.
Tech stocks made headlines today with huge drops in stocks like Twitter (TWTR) down 5%, Facebook (FB) 4%, LinkedIn (LNKD) down 8% and Yelp (YELP) down 6% on the day.
With today’s tech move lower Amazon (AMZN) triggered a Power Crossover Method Sell Signal.
Power Crossover traders will be looking for an ADR Profit Target at $305.72.