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Sizing Up the S&P 500

  • S&P 500 forms hammer at lowest level since June 1
  • Potential support at early-June range, bottom of falling channel.
  • Prices remain below August low of 4335
  • February high of 4195 may be in play
  • Wilder’s RSI nears oversold for first time in a year
  • Intermarket:
    • U.S. dollar index hits highest level since December
    • 10-year Treasury between highs of June 2008 and June 2007
    • High-yield spreads back above 400 basis points
S&P 500, daily chart, with key patterns and indicators.

Sector Watch

  • Energy still leading as gains widen:
    • Coal miners: CNX, AMR, BTU
    • Servicers: RIG, NE, PTEN, RES
    • Tankers: FRO, DHT, TNK
  • Clean energy struggling with higher rates:
    • Solar energy
    • Utilities
  • REITs approach October lows
  • Industrials surrender leadership as high rates punish airlines
    • Signal of economic slowdown?

Signals Scan

  • Nvidia (NVDA) holds the 100-day MA
  • Advanced Micro Devices (AMD) holds the 200-day MA
  • Arista Networks (ANET) holds 50-day MA
  • Walmart (AMT) holds 50-day MA
  • TJX (TJX) retraces earnings rally
  • Peabody Energy (BTU) breaks 200-day MA
  • Cheniere Energy (LNG) potential bullish flag
  • Financials at / below support: ALLY, DFS, COF

Key News

  • Hawkish Fedspeak: Kashkari, Goolsbee
  • Jamie Dimon floats 7% Fed Funds
  • September consumer confidence misses estimates on inflation, political worries
  • August new home sales miss estimates
  • Crude oil inventories tighter than expected
  • Yield curve least inverted since May as long rates rise

Upcoming Events

  • Thursday (9/28): Powell speech at 4pm
    • Earnings tonight: NKE
  • Friday (9/29): PCE inflation
  • Monday (10/2): ISM manufacturing

Using the Platform

Discovering energy stocks with RadarScreen and Scanner

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David Russell is Global Head of Market Strategy at TradeStation. Drawing on nearly two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them appraised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.