The broad market shot significantly higher today. The Russell 2000 outperformed other indexes by climbing up 2.74% while the NASDAQ 100 gained only 1.41%. Of the last 20 sessions, the S&P 500 has closed green 14 times. The DJI is also up on 6 of the last 9 sessions. The S&P 500 saw its strongest advance since 12/18/2013 when the S&P 500 gained 1.68%. The DJI had its strongest advance since 12/18/2013. The bigger daily gain was seen on the Russell 2000 on 01/02/2013 when it rallied by 2.86%.
A volume of 2,067 million shares traded today on the S&P 500, close to the daily average volume of the past 3 months.
|NYSE Comp.||160.17(1.55)||10,404.80||10,502.96||10,404.80||10,489.56||0||0 / 0||0.00|
|DJI||226.86(1.40)||16,169.32||16,419.49||16,169.32||16,394.25||0||0 / 0||0.00|
|S&P 500||28.07(1.52)||1,849.23||1,876.23||1,849.23||1,873.77||0||0 / 0||0.00|
|Russell 2000||32.21(2.74)||1,187.31||1,212.82||1,187.27||1,208.52||0||0 / 0||0.00|
|Nasdaq 100||51.56(1.41)||3,710.19||3,723.00||3,706.82||3,719.93||0||0 / 0||0.00|
15-day charts (1 bar = 15 minutes) with a 16-period SBV are showing flat SBV readings. 30-day charts (1 bar = 30 minutes) with a 13-period SBV are showing flat SBV. All of this would suggest uncertain sentiment for tomorrow. Taking into account increase in volatility over the past two trading session and strong bullish volume on the Russell 2000 we would not expect any strong advances but rather we would wait for side-way trading with the possibility of a slide.
60-day charts with a 20-period SBV are now showing a small decline in SBV Oscillator readings on the S&P 500, on the NASDAQ 100 and on the Russell 2000 indexes and flat readings on the DJI index. The following SBV values were recorded at session's end: plus 10% on the S&P 500, plus 4% on the DJI, minus 4% on the NASDAQ 100 and plus 17% on the Russell 2000. Declining SBV readings are bearish and suggest the possibility of a down-move. At the same time, SBV values are still at positive levels; we may thus see side-ways and positive trading action prior to any decline. We will continue to monitor this chart setting in order to determine at which point SBV oscillator readings push to the zero-line; this might then suggest increased odds for a coming move to the downside.
1.5-year charts with a 10-period SBV are showing flat SBV oscillator readings. The positive SBV values seen on this chart are bullish. Overall, this chart reflects bullish longer-term market sentiment.
|Release Date/Time||Economic Report||For Period||Consensus||Previous|
|03/05/2014 7:00:00 AM||MBA Mortgage Purchase Index||03/01||%||-8.5%|
The U.S. Senate Banking Committee said on Tuesday it had rescheduled a hearing on former Bank of Israel Governor Stanley Fischer's nomination to be vice chairman of the Federal Reserve to Thursday, March 13.
President Barack Obama proposed new tax credits and job-training programs for U.S. workers on Tuesday in a 2015 budget that drew instant condemnation from Republicans, who dismissed the document as an election-year campaign pitch.
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A divided U.S. appeals court has rejected BP Plc's bid to block businesses from recovering money over the 2010 Gulf of Mexico oil spill, even if they could not trace their economic losses to the disaster.
The New York Federal Reserve said on Tuesday it would increase the limit for each counterparty in its reverse repurchase agreement facility to $7 billion per firm, from $5 billion, effective on Wednesday.
Detroit on Monday said it reached an agreement with two investment banks to end costly interest rate swaps, a move that could give Detroit access to revenue from casino taxes and give it leverage in efforts to win court approval for the city's plan to restructure its debt.
President Barack Obama will strike a firmly populist tone in his 2015 budget plan on Tuesday, proposing to pay for an expansion of a popular tax credit for the working poor by eliminating tax breaks claimed by wealthy Americans.
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