Market Recap For 17th Feb 2015 – New highs, BUT…

By Markus Heitkoetter

Stocks were higher across the board today. Although the day ended with new all-time highs in the S&P and RUSSELL, the day as a whole wasn’t very exciting. In a light volume session the E-Mini S&P was confined to a 12 point range…almost half of the current 24.25 point Average Daily Range.

A light volume small range session is typical for a Tuesday following a 3 day weekend. But it could also be a sign that traders are waiting to see if tomorrow’s FOMC meeting minutes at 2pm ET will provide any clarification on when they will raise interest rates.

In today’s slow session the S&P closed 8.5 points higher. With a .41% gain, today’s 2096.99 close was a new all-time high close and the 3rd consecutive winning day for the S&P.

The DOW was up 28 points with a .16% gain. Today’s 18047.58 close put the DOW just 6 points away from its all-time high close.

Gold (GC) continued its slide lower today with a 1.53% drop and close at $1208.3 an ounce. Today’s move was the first real approach towards $1200 since early January.

A PowerX Method Sell Signal was identified on 4th Feb 2015. PowerX traders are looking for an ADR Profit Target at $1187.6. Conservative traders should keep an eye on $1200 acting as support.

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