Market Recap For 19th May 2015 – Is tomorrow the big day?

By Markus Heitkoetter

The attempt at new highs continued today. But a quiet session left stocks mostly rangebound and the major indices ended the day mixed.

Today the S&P lost 1.5 points and brought a 3 day winning streak to an end. With a .06% drop the S&P retreated slightly and ended the session at 2127.83. Although the index failed to close higher the S&P made a new intraday high during an afternoon rally.

The DOW pushed to new highs and ended the session in positive territory. With a 25 point gain, the DOW closed at a new all-time high of 18284.

To raise or not to raise? This is the question many traders were asking after the best Building Permits and Housing Starts numbers in years.

Building Permits came out at their highest level since 2008. But not to be out done, Housing Starts jumped to levels not seen since November 2007.

The positive news continued to fuel the “will the Fed raise rates” guessing game. Traders hope that tomorrow’s FOMC Meeting Minutes at 2pm ET can provide some answers.

Chevron (CVX) has showed some weakness since the beginning of May. Today the selling continued with CVX closing 1.53% lower at $105.02

A PowerX Method Sell Signal was identified on 5th May 2015. PowerX traders are looking for a move down to $102.99 for an ADR Profit Target at $102.99.

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