The broad market ended flat to slightly higher today. The DJI outperformed other indexes by climbing up 0.31% while the Russell 2000 lost 0.42%. Of the last 18 sessions, the S&P 500 has closed green 13 times. The DJI is also up on 5 of the last 7 sessions. On the NASDAQ 100, we saw the 5th down-close in the last 8 sessions. The NASDAQ 100 pushed lower to close down 0.1% today; it ends the week with a gain of 0.91%. The S&P 500 added 0.28% in today's session; it raised 1.27% for the week. The Dow closed up 0.31% today and up 1.37% for the week.
This session saw the S&P 500 with a daily volume of 2,310 million shares. This is 9% more than the average volume we saw on a daily basis during the past 3 months.
|NYSE Comp.||28.09(0.27)||10,403.36||10,471.62||10,373.30||10,425.88||0||0 / 0||0.00|
|DJI||51.25(0.31)||16,273.23||16,398.94||16,226.09||16,323.38||0||0 / 0||0.00|
|S&P 500||5.20(0.28)||1,855.12||1,867.92||1,847.67||1,859.49||0||0 / 0||0.00|
|Russell 2000||4.98(0.42)||1,189.21||1,193.50||1,177.20||1,182.93||0||0 / 0||0.00|
|Nasdaq 100||3.70(0.10)||3,703.53||3,722.38||3,664.83||3,696.10||0||0 / 0||0.00|
5-day charts (1 bar = 5 minutes) with a 20-period SBV are showing advancing SBV oscillator readings at session's end. Positive money flow on this chart would suggest the possibility of positive trading on Monday after the market open. 15-day charts (1 bar = 15 minutes) with a SBV(16) are showing positive money flow (advancing SBV) as well, thus confirming 5-day chart's outlook. However, 30-day charts (1 bar = 30 minutes) are showing declining SBV reading at this moment and despite positive outlook on 5- and 15-day charts, overall sentiment is slightly in favor of bears (unless we see advancing SBV on 30-day charts).
It is worth mentioning about strong output of bearish volume around 15:00 with further reversal up. Such strong bearish volume also points to the higher odds of having positive trading on Monday after the market opens.
60-day charts with a 20-period SBV are now showing flat SBV Oscillator readings on the S&P 500 and on the DJI indexes, declining readings on the NASDAQ 100 index and declining readings on the Russell 2000 index. The following SBV values were recorded at session's end: plus 24% on the S&P 500, plus 21% on the DJI, plus 8% on the NASDAQ 100 and plus 44% on the Russell 2000. Declining SBV readings are bearish and suggest the possibility of a down-move; however, SBV values are currently still at high positive levels which makes the suggestion of a market correction premature.
1.5-year charts with a 10-period SBV are showing flat SBV Oscillator readings on the S&P 500, on the DJI and on the Russell 2000 indexes and a small decline in readings on the NASDAQ 100 index. The high, 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|
|03/03/2014 8:30:00 AM||PCE Prices - Core||Jan||0.1%||0.1%|
|03/03/2014 8:30:00 AM||Personal Income||Jan||0.3%||0%|
|03/03/2014 8:30:00 AM||Personal Spending||Jan||0.1%||0.4%|
The Federal Reserve should be willing to let inflation temporarily run above its target level so as to more quickly bring the economy back to health, a top Fed official said on Friday, even as a second policymaker signaled the very idea left him cold.
The Federal Reserve's best bet for returning the United States to full employment and 2-percent inflation is to clearly and repeatedly state those goals and even be willing to overshoot them to get there quickly, a top Fed official said on Friday.
A top Fed official said on Friday concern that loose monetary policy was fueling financial instability was not a pressing issue and that there was enough slack in the economy to give the U.S. central bank two to three years to mull the problem.
Contracts to buy previously owned U.S. homes edged up in January after a weather-related hit at the end of last year, offering hope the housing recovery would get back on track.
Consumer sentiment rose marginally in February even as concerns about the extreme weather persisted, a survey released on Friday showed.
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