By Markus Heitkoetter
It looks like traders are getting ready for tomorrow.
The major indices snapped a 2 day losing streak and closed higher across the board. But it was a very choppy day.
After an overnight sell-off stocks recovered and opened near yesterday’s close. We then traded in a range for most of the morning before a late morning rally. Without much progress in afternoon trading stocks ended the day near midday highs.
With an 8 point increase the S&P closed at 2088. The S&P finished the day with a .38% gain. Going into Friday the S&P is down 1% for the week.
The DOW had an 82 point gain. Closing at 17924.06 the DOW ended the session .46% higher. If it feels like the DOW has gone nowhere recently, it’s true! The DOW is in such a narrow range it hasn’t hit a monthly high or low in 38 days. In fact it’s the longest streak in over 100 years! (Source: Zero Hedge)
The NASDAQ and RUSSELL showed the most strength during today’s session with both indices ending the day .5% higher. But it’s the NASDAQ that has been hit hardest this week. The NASDAQ is down 1.2% going into Friday’s session.
So what are traders waiting for?
After a disappointing private sector jobs report on Wednesday and Janet Yellen’s comments about stock valuation concerns, traders are looking for clues about the strength of the U.S. economy. And the next clue comes tomorrow with the Jobs Report at 8
Whole Foods Market Inc (WFM) has been in a downtrend according to the PowerX Method since early March. And today today the downtrend continued. After worse than expected earnings WFM gapped lower and ended the day with a 9.74% loss.
A PowerX Method Sell Signal was identified on March 6th.