Well, it’s official. The old adage about selling in May didn’t apply this year. Instead, larger-cap, higher-quality, and value-oriented stocks continued to lead the market higher. The S&P 500 gained +2.1% during the month and confirmed its tentative technical breakout from the prior Friday with steady progress last week. However, it was tepid at best during the holiday-shortened week, and a somewhat concerning ‘double-low’ confirmation -- i.e., on extremely low (and decreasing) volume and with a backdrop of persistently low volatility. Read more about Sector Detector: Stocks confirm tepid breakout, but on ultra-low volume and volatility

smartindale / Tag: SPY, VIX, EEM, IWM, IYF, iyw, IYJ, IYZ, IYC, IYK, IYH, IDU, IYM, IYE, FTEC, FNCL, FUTY, FSTA, FENY, TDIV, PXE, KBWD, SWKS, OVTI, BCEI, PSX, ZION, FITB / 0 Comments

Despite Wednesday’s stock market weakness, selling remains contained. Round-number resistance-turned-support levels at 13,000 on the Dow, 3000 on the Nasdaq, and 1400 on the S&P 500 have held up. The S&P was the last to breakout and the first to test support. In fact, it has been testing support at 1400 almost every day since it broke out two weeks ago. Read more about Sector Detector: 1999 redux?

smartindale / Tag: AAPL, ACFN, ETF, IDU, IYC, IYE, IYH, IYI, IYJ, IYK, IYM, iyw, IYZ, linkedin, PACW, sectors, SPY, VIX, ZION / 0 Comments