U.S. stocks are firmly on the defensive early Wednesday, pressured after a mixed batch of quarterly earnings reports, and ahead of the Federal Reserve’s latest policy directive, due out this afternoon.
Against this backdrop, the S&P 500 has ventured under its breakout point (3,826), pulling in to an initially successful retest of familiar near-term support (3,764).
Before detailing the U.S. markets’ wider view, the S&P 500’s US:SPX hourly chart highlights the past two weeks.
As illustrated, the S&P had sustained last week’s breakout through Tuesday’s close.
More immediately, the index has ventured firmly under its breakout point (3,826) with Wednesday’s early downturn.
Tactically, the S&P’s next notable floor closely matches the range bottom (3,764), detailed repeatedly.
Wednesday’s early session low (3,767) has registered nearby. The session close will likely add color.
Meanwhile, the Dow Jones Industrial Average US:DJIA continues to lag behind.
The index remains range-bound after briefly tagging record highs last week.
Tactically, the Dow has ventured firmly under its former range bottom, circa 30,790, early Wednesday.
On further weakness, its next notable floor matches the December gap (30,283), an area detailed on the daily chart.
Against this backdrop, the Nasdaq Composite US:COMP remains the strongest major benchmark.
Consider that Tuesday’s modest downturn snapped a stretch of four straight record closes.
Tactically, notable near-term floors match the top of the gap (13,329) and the breakout point (13,220).
Widening the view to six months adds perspective.
On this wider view, the Nasdaq is digesting a decisive bull-flag breakout.
Recall that the initial spike marked a two standard deviation breakout, encompassing three straight closes atop the 20-day volatility bands.
Though due a cooling-off period — and a pullback seems to be underway early Wednesday (pending the session close) — the statistically unusual bullish momentum is longer-term bullish.
To reiterate, nearby floors match the top of the gap (13,329) and the firmer breakout point (13,220).
Looking elsewhere, the Dow Jones Industrial Average remains in consolidation mode.
The index registered the strongest early-January breakout of the major benchmarks — notching three straight closes atop its 20-day Bollinger bands — and has since effectively flatlined, in the broad sweep.
Tactically, the 50-day moving average, currently 30,300, is closely followed by the December gap (30,283). A violation of this area would raise a technical question mark.
Delving deeper, likely last-ditch support matches the mid-November range top (29,964). An eventual violation would mark a material “lower low” — combined with violation of the 50-day moving average — raising a caution flag.
Meanwhile, the S&P 500 is vying to sustain its latest bull-flag breakout.
Tactically, the 20-day moving average, currently 3,792, is followed by familiar near-term support (3,764).
Recall that Wednesday’s early session low (3,767) has roughly matched support.
The bigger picture
U.S. stocks are firmly on the defensive early Wednesday, pressured after a mixed batch of quarterly earnings reports, and ahead of the Federal Reserve’s latest policy directive, due out this afternoon.
Though the intraday downturn has registered against a comfortably bullish bigger-picture backdrop, the selling pressure is worth tracking for potential acceleration, sufficient to inflict technical damage.
Each benchmark’s intermediate-term bias remains bullish, based on today’s backdrop.
Moving to the small-caps, the iShares Russell 2000 ETF US:IWM continues to consolidate the January breakout.
Tactically, an inflection point matches the 20-day moving average, currently 207.25 (not illustrated), a widely-tracked near-term trending indicator.
Wednesday’s early session low (207.29) has registered nearby.
Similarly, the SPDR S&P MidCap 400 ETF US:MDY is digesting an early-month break to record territory.
Tactically, the prevailing range bottom (434.40) marks an inflection point. A retest is underway early Wednesday.
Looking elsewhere, the SPDR Trust S&P 500 US:SPY is vying to sustain a less decisive break to record highs.
Recall that the 20-day moving average, currently 377.95, has effectively underpinned the recent trend. Here again, a retest of the 20-day is underway as this is written.
Placing a finer point on the S&P 500, the index has ventured firmly under its breakout point (3,826) early Wednesday.
Tactically, the 20-day moving average, currently 3,792, is followed by familiar near-term support (3,764), detailed repeatedly.
Wednesday’s early session low (3,767) has registered just above the range bottom.
More broadly, recall that the S&P 500 has not closed under its 20-day moving average, currently 3,792, since Nov. 3.
The 20-day is a widely-tracked near-term trending indicator, meaning that a closing violation would mark a potential bend in the short-term trend. (The Russell 2000 has effectively nailed its 20-day moving average early Wednesday, amid a retest that remains underway.)
Delving deeper, the ascending 50-day moving average, currently 3,711, is rising toward major support in the 3,723-to-3,726 area. A potentially last-ditch inflection point matches the post-breakout low (3,662), also the January low.
As always, it’s not just what the benchmark’s do, it’s how they do it. But broadly speaking, the S&P 500’s intermediate-term bias remains bullish barring a violation of the areas detailed above.
No new setups today.
Still well positioned
The table below includes names recently profiled in The Technical Indicator that remain well positioned. For the original comments, see The Technical Indicator Library.
| Company | Symbol* (Click symbol for chart.) | Date Profiled |
| Rio Tinto Group | RIO | Jan. 26 |
| Prudential Financial, Inc. | PRU | Jan. 26 |
| Sorrento Therapeutics, Inc. | SRNE | Jan. 26 |
| Netflix, Inc. | NFLX | Jan. 25 |
| Akamai Technologies, Inc. | AKAM | Jan. 25 |
| Cummins, Inc. | CMI | Jan. 25 |
| Invesco Solar ETF | TAN | Jan. 22 |
| Magna International, Inc. | MGA | Jan. 22 |
| M.D.C. Holdings, Inc. | MDC | Jan. 22 |
| Electronic Arts, Inc. | EA | Jan. 21 |
| Bed Bath & Beyond, Inc. | BBBY | Jan. 21 |
| PVH Corp. | PVH | Jan. 21 |
| Reliance Steel & Aluminum Co. | RS | Jan. 19 |
| Alaska Air Group, Inc. | ALK | Jan. 15 |
| Chevron Corp. | CVX | Jan. 15 |
| Zebra Technologies Corp. | ZBRA | Jan. 14 |
| Juniper Networks, Inc. | JNPR | Jan. 14 |
| Chegg, Inc. | CHGG | Jan. 11 |
| Ambarella, Inc. | AMBA | Jan. 11 |
| Macy’s, Inc. | M | Jan. 11 |
| Nexstar Media Group, Inc. | NXST | Jan. 11 |
| iShares Transportation Average ETF | IYT | Jan. 11 |
| Energy Select Sector SPDR | XLE | Jan. 8 |
| Teledoc Health, Inc. | TDOC | Jan. 8 |
| Skyworks Solutions, Inc. | SWKS | Jan. 7 |
| Financial Select Sector SPDR | XLF | Jan. 7 |
| FireEye, Inc. | FEYE | Jan. 5 |
| Check Point Software Technologies | CHKP | Jan. 4 |
| Synaptics, Inc. | SYNA | Jan. 4 |
| Sunrun, Inc. | RUN | Dec. 23 |
| ShockWave Medical, Inc. | SWAV | Dec. 23 |
| JPMorgan Chase & Co. | JPM | Dec. 22 |
| Ballard Power Systems, Inc. | BLDP | Dec. 21 |
| LivePerson, Inc. | LPSN | Dec. 21 |
| United Therapeutics Corp. | UTHR | Dec. 21 |
| Shopify, Inc. | SHOP | Dec. 18 |
| CyberArk Software Ltd. | CYBR | Dec. 18 |
| Calix, Inc. | CALX | Dec. 17 |
| Elastic N.V. | ESTC | Dec. 17 |
| Cerner Corp. | CERN | Dec. 17 |
| Tenet Healthcare Corp. | THC | Dec. 16 |
| Sunnova Energy International, Inc. | NOVA | Dec. 16 |
| Toyota Motor Co. | TM | Dec. 15 |
| Williams-Sonoma, Inc. | WSM | Dec. 15 |
| iShares Nasdaq Biotechnology ETF | IBB | Dec. 15 |
| SDPR S&P Regional Banking ETF | KRE | Dec. 14 |
| Etsy, Inc. | ETSY | Dec. 14 |
| Surface Oncology, Inc. | SURF | Dec. 14 |
| Monster Beverage Corp. | MNST | Dec. 9 |
| Plug Power, Inc. | PLUG | Dec. 9 |
| F5 Networks, Inc. | FFIV | Dec. 8 |
| Emerson Electric Co. | EMR | Dec. 8 |
| Zscaler, Inc. | ZS | Dec. 7 |
| Fortinet, Inc. | FTNT | Dec. 7 |
| Kulicke and Soffa Industries, Inc. | KLIC | Dec. 7 |
| Dillard’s, Inc. | DDS | Dec. 4 |
| Caleres, Inc. | CAL | Dec. 4 |
| Spotify Technology S.A. | SPOT | Dec. 3 |
| Align Technology, Inc. | ALGN | Dec. 3 |
| Valero Energy Corp. | VLO | Dec. 3 |
| Analog Devices, Inc. | ADI | Dec. 2 |
| Cirrus Logic, Inc. | CRUS | Dec. 1 |
| Sonos, Inc. | SONO | Dec. 1 |
| Dollar Tree, Inc. | DLTR | Dec. 1 |
| Nuance Communications, Inc. | NUAN | Nov. 30 |
| Northern Trust Corp. | NTRS | Nov. 30 |
| American Airlines Group, Inc. | AAL | Nov. 30 |
| Microchip Technology, Inc. | MCHP | Nov. 24 |
| Zillow Group, Inc. | ZG | Nov. 23 |
| Palo Alto Networks, Inc. | PANW | Nov. 20 |
| Bank of America Corp. | BAC | Nov. 20 |
| Eaton Corp. | ETN | Nov. 20 |
| SPDR S&P Oil & Gas Exploration and Production ETF | XOP | Nov. 20 |
| MetLife, Inc. | MET | Nov. 19 |
| Kohl’s Corp. | KSS | Nov. 18 |
| Applied Materials, Inc. | AMAT | Nov. 17 |
| Consumer Staples Select Sector SPDR | XLP | Nov. 17 |
| RingCentral, Inc. | RNG | Nov. 13 |
| Regions Financial Corp. | RF | Nov. 13 |
| iShares Europe ETF | IEV | Nov. 13 |
| Flex, Inc. | FLEX | Nov. 9 |
| Snap, Inc. | SNAP | Nov. 9 |
| Norfolk Southern Corp. | NSC | Nov. 9 |
| Communications Services Select Sector SPDR | XLC | Nov. 5 |
| Health Care Select Sector SPDR | XLV | Nov. 5 |
| Alphabet, Inc. | GOOGL | Nov. 5 |
| Uber Technologies, Inc. | UBER | Nov. 5 |
| Keysight Technologies, Inc. | KEYS | Nov. 4 |
| Harley-Davidson, Inc. | HOG | Nov. 4 |
| Garmin, Ltd. | GRMN | Nov. 4 |
| Pinterest, Inc. | PINS | Nov. 3 |
| Sony Corp. | SNE | Nov. 3 |
| 8x8, Inc. | EGHT | Nov. 3 |
| Exact Sciences Corp. | EXAS | Nov. 2 |
| Universal Display Corp. | OLED | Nov. 2 |
| Dentsply Sirona, Inc. | XRAY | Oct. 27 |
| Maxim Integrated Products, Inc. | MXIM | Oct. 21 |
| The Travelers Companies, Inc. | TRV | Oct. 21 |
| Micron Technology, Inc. | MU | Oct. 20 |
| Vulcan Materials Co. | VMC | Oct. 19 |
| ON Semiconductor Corp. | ON | Oct. 16 |
| Ford Motor Co. | F | Oct. 15 |
| Texas Instruments, Inc. | TXN | Oct. 15 |
| First Solar, Inc. | FSLR | Oct. 13 |
| Nevro Corp. | NVRO | Oct. 12 |
| Teradyne, Inc. | TER | Oct. 12 |
| SPDR S&P Homebuilders ETF | XHB | Oct. 9 |
| Shake Shack, Inc. | SHAK | Oct. 9 |
| SPDR S&P Biotech ETF | XBI | Oct. 8 |
| Twilio, Inc. | TWLO | Oct. 8 |
| Cloudflare, Inc. | NET | Oct. 7 |
| Ceridian HCM Holding, Inc. | CDAY | Oct. 7 |
| RSailPoint Technology Holdings, Inc. | SAIL | Oct. 1 |
| Martin Marietta Materials, Inc. | MLM | Sept. 30 |
| Abercrombie & Fitch Co. | ANF | Sept. 29 |
| Zendesk, Inc. | ZEN | Sept. 23 |
| Scientific Games Corp. | SGMS | Sept. 23 |
| Crocs, Inc. | CROX | Sept. 14 |
| Five Below, Inc. | FIVE | Sept. 10 |
| Eastman Chemical Co. | EMN | Sept. 10 |
| International Paper Co. | IP | Sept. 3 |
| Deere & Co. | DE | Aug. 24 |
| Expedia Group, Inc. | EXPE | Aug. 24 |
| Johnson Controls International | JCI | Aug. 21 |
| Canadian Solar, Inc. | CSIQ | Aug. 20 |
| General Motors Co. | GM | Aug. 20 |
| Starbucks Corp. | SBUX | Aug. 18 |
| Builders FirstSource, Inc. | BLDR | Aug. 18 |
| Steel Dynamics, Inc. | STLD | Aug. 17 |
| Brinker International, Inc. | EAT | Aug. 13 |
| Enphase Energy, Inc. | ENPH | Aug. 13 |
| Nucor Corp. | NUE | Aug. 11 |
| Freeport McMoRan, Inc. | FCX | Aug. 10 |
| Natera, Inc. | NTRA | Aug. 10 |
| Industrial Select Sector SPDR | XLI | Aug. 6 |
| Penn National Gaming, Inc. | PENN | July 30 |
| SPDR S&P Metals & Mining ETF | XME | July 28 |
| iShares MSCI South Korea ETF | EWY | July 28 |
| Advanced Micro Devices, Inc. | AMD | July 23 |
| Materials Select Sector SPDR | XLB | July 20 |
| Caterpillar, Inc. | CAT | July 20 |
| Roku, Inc. | ROKU | July 16 |
| Cognizant Technology Solutions, Inc. | CTSH | July 16 |
| Consumer Discretionary Select Sector SPDR | XLY | July 13 |
| SunPower Corp. | SPWR | July 13 |
| Walmart, Inc. | WMT | July 8 |
| Danaher Corp. | DHR | June 24 |
| Fiverr International, Ltd. | FVRR | June 19 |
| HubSpot, Inc. | HUBS | June 8 |
| Square, Inc. | SQ | June 8 |
| SPDR S&P Retail ETF | XRT | June 3 |
| iShares MSCI Japan ETF | EWJ | May 29 |
| Synopsis, Inc. | SNPS | May 27 |
| Agilent Technologies, Inc. | A | May 15 |
| Qualcomm, Inc. | QCOM | May 12 |
| Five9, Inc. | FIVN | Apr. 24 |
| Chewy, Inc. | CHWY | Apr. 24 |
| Tesla, Inc. | TSLA | Apr. 23 |
| VanEck Vectors Semiconductor ETF | SMH | Apr. 17 |
| Okta, Inc. | OKTA | Apr. 16 |
| Target Corp. | TGT | Apr. 16 |
| Invesco QQQ Trust | QQQ | Apr. 14 |
| Apple, Inc. | AAPL | Mar. 27 |
| iShares MSCI Emerging Markets ETF | EEM | Mar. 19 |
| Microsoft Corp. | MSFT | Feb. 22 |
| * Click each symbol for current chart. |
"term" - Google News
January 28, 2021
https://ift.tt/39nSaeB
Charting an intraday downdraft, S&P 500 retests near-term support (3764) - MarketWatch
"term" - Google News
https://ift.tt/35lXs52
https://ift.tt/2L1ho5r
Bagikan Berita Ini
0 Response to "Charting an intraday downdraft, S&P 500 retests near-term support (3764) - MarketWatch"
Post a Comment