• SP 500 Market Analysis 5-8-15

Technical Outlook:

  • Employment number this morning looks to provide the market with a very strong gap up this morning and a possible push again towards all-time highs. 
  • Yesterday’s weak bounce of the previous day’s selling, was much less than what we had seen in previous bounces – namely, the ones from 4/17 and 4/30. 
  • SPX failed to reclaim the 50-day moving average yesterday or any of the MA’s for that matter. 
  • Volume was weak yesterday which has become common with all the bounces of late. 
  • With today’s gap up in the cards, the bulls need to push and close above 2120 in the coming days to convince traders this market is done with the range bound activity. 
  • VIX remained unchanged closing at 15.13.
  • T2108 (% of stocks trading above the 40-day moving average), despite yesterday’s bounce, fell yet again 1.5% down to 41%. 
  • 30 minute chart of SPX still and again without any direction. 
  • The market chop since mid-February continues to persist and get even tighter as the weeks pass by. 
  • The market doesn’t care about the economy nor earnings. That is not what is driving it. The market only cares about what the Fed is doing to keep equities propped up. 


My Trades:

Chart for SPX:

SP 500 Market Analysis 5-8-15

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