Market Recap For 22nd Oct 2014 – Stocks slip!

By Markus Heitkoetter

Stocks spent the entire morning flirting with yesterday’s close. But an afternoon retreat sent stocks lower, ending the day near session lows.

With today’s loss the S&P win streak ended at 4 consecutive up days. The S&P closed the day at 1927.11 with a 14 point loss.

The DOW had a triple digit loss of 153 points, ending the day at 16461.32. Today’s move lower put the DOW back below its 200 day moving average, and back in negative territory for the year.

Crude Oil (CL) was a big mover, ending the session 2.4% lower at $80.52/barrel. With today’s sell-off CL had its lowest close in over a year (going back to  April of 2013).

A Power Crossover Method Sell Signal was identified on 3rd Oct 2014. Traders using the Average Daily Range had an earlier opportunity to close the trade at $81.92. It’s too late to jump into this move lower, but it’s also too early to be a buyer with the indicators remaining bearish.

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