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    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 22 JANUARY: | ASX up 1.3pc in huge week for Zip, Lynas | iCandy looks to double up in Chinese gaming market with Rocky Rampage launch |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 22 JANUARY: | ASX to fall, Apple lifts Wall Street | The tests ASX healthcare companies have upcoming in 2021 |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 21 JANUARY: | ASX gains 0.8pc | Greenhouse study shows AVZ Minerals could achieve lowest carbon footprint at Manono lithium-tin project |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 21 JANUARY: | ASX to rise | Eco-fibre play Nanollose leads ASX healthcare sector with 292% gain |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 20 JANUARY: | ASX hits 11 month high | China shares rise on c.bank’s liquidity boost; EV, healthcare stocks shine |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 20 JANUARY: | ASX to rise | 3 cannabis players discuss how to view the sector through a biotech lens |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 19 JANUARY: | ASX rises 1pc | US eyes Australian market as cannabis investment fund takes stake in Lifespot Health |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 19 JANUARY: | ASX to rise, $A eases amid greenback surge | Battery sector cries out for more graphite as shortfall looms |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 18 JANUARY: | ASX sheds 0.8pc | Tietto Minerals appoints COO to drive development of Abujar gold project | China, Hong Kong stocks climb on upbeat GDP data |

    Trending Tags

    • FEEDID-6
    • FEEDID-51
    • FEEDID-44
    • FEEDID-31
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    • FEEDID-10
    • feedid-56
    • feedid-58
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  • Charts

    The Cotton Row Journal, week of 18-22 Jan

    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 22 JANUARY: | ASX up 1.3pc in huge week for Zip, Lynas | iCandy looks to double up in Chinese gaming market with Rocky Rampage launch |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 22 JANUARY: | ASX to fall, Apple lifts Wall Street | The tests ASX healthcare companies have upcoming in 2021 |

    The Cotton Row Journal, week of 18-22 Jan

    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 21 JANUARY: | ASX gains 0.8pc | Greenhouse study shows AVZ Minerals could achieve lowest carbon footprint at Manono lithium-tin project |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 21 JANUARY: | ASX to rise | Eco-fibre play Nanollose leads ASX healthcare sector with 292% gain |

    The Cotton Row Journal, week of 18-22 Jan

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    Chart of the Day: Coming Up (Smaller Companies Rally)

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    OP: Missing the Mark

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    S&P 500 repurchasers return to favor as Netflix looks at joining them

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    OP: Wall Street Welcomes Biden

    OP: Wall Street Welcomes Biden

    links

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    Washington Post: 900,000 filed for jobless claims last week, a historically high level as Biden inherits worst job market of any modern president

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    GMTT / Chart of the day / Apple / Oct 27, 2020

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    NASDOG.com: Corn, What Changed Today?

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    NASDOG.com: Stocks Getting Serious; Quick Word on Beans

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Home Commentary MrTopStep

S&P still the king of the market indexes

Danny Riley by Danny Riley
Friday, July 26, 2013
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S&P still the king of the market indexes
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ES-09-13-(1-Min)--7_26_2013In Asia 5 of 11 markets closed up. In Europe half of 12 markets are trading up, half are down. It is a plainly mixed morning. In the midst of that, the S&P is leading the Dow and NASDAQ downwards and showing it is still the king of the index markets.

Over many years of following the index we have seen all sorts of rotations. Some rotations are global while others are just the buying and selling that goes on in the Dow, S&P, and NASDAQ futures. In the last few days, that rotation has been out of the broader market Dow stocks and into the NASDAQ and S&P. While Asia and Europe were down Wednesday morning, it was the S&P and Nasdaq futures that kept the index markets together yesterday.

Volume:

In the last two days the volumes have picked up slightly. 1.5 million ESU (E-mini S&P futures) traded Wednesday and 1.4 million traded yesterday. The problem is when the S&P grinds higher but the volume slips to under 1 million contracts a day. By contrast, if the S&P sells off, the volume picks up, but even when you take Wednesday’s 1.5mil ESUs, that is 50% of the volume when the S&P sold off in June.

So when I use the term “thin to win” it describes those days when the volumes are low and there is no selling. It will be on such a day that the S&P breaks 1700.

S&P 1700 on tap:

We said last week that after such a big push, the S&P needed to do some back-and-filling, and that’s exactly what we got. Sure the ESU got down to 1672 in Globex yesterday, but it all comes down to one fact: There is no selling. After a few days of back-and-filling and a lack of any news or economic reports today, we think higher prices are coming.

Our view is to buy weakness using tight sell stops. Buy stops start above 1686 small to 1691-93 but get much bigger above 1699 up to 1706. If the S&P closes above 1690 on Friday we think 1706 will come early next week.

  • It’s 7 a.m. CT and the ESU is trading 1677, down 7 handles; crude is down 1.10 at 104.39; and the euro is up 20 pips at 1.3266.
  • In Asia, 5 of 11 markets closed up, five down, with one (BSE 30) unchanged  (Shanghai Composite -0.51%, Hang Seng +0.31% and Nikkei -2.97%).
  • In Europe 6 of 12 markets are trading lower (DAX -0.54%), FTSE -0.41%).
  • Today’s headline: “Fed stimulus debate leaves dollar at five-week low”
  • Total volume: 1.4mil ESU and 7.3K SPU traded
  • Economic calendar: Consumer sentiment; earnings from Tyco, KKR, LyondellBasell and Stanley Black & Decker
  • Fair value: S&P 1684.95 (-6.95), NASDAQ 3054.77 (-10.02)
  • MrTopStep Closing Print Video: http://mrtopstep.com/2013/07/mrtopstep-closing-print-07-25-2013/

 

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