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Market Direction

Signs of Market Weakness

July 12 , 2015

Market spent the whole week trading in a range last week. For S&P 500, it was between 2,042 and 2,080 and it closed at the high of the range last Friday. See its daily chart. 2,040 is its strong support and 2,120 is its strong resistance now.

 

NASDAQ and Dow were traded in the same pattern last week. All major indexes closed up slightly last week. There were few big developments last week:

Greece Debt Crisis - Its debt default was the market focus last week.

China's Stock Market Volatility - Big drops the first three days followed by two days of big rebound. Chinese ADR followed. Many going-private non-binding offerings.

Crude Oil - Oil price gapped down last Monday and touched $50.59 low then bounced back some. It closed at $52.84, down 11.00% for the week.

Gold - It gapped down last Tuesday, dropped to almost to year low then bounced back three days in a row. But it was still a down week, down 0.78% and GDX dropped more, down 5.69% and was extremely bearish, has been down 7 weeks in a row.

Broad Wide Market Weakness - Even the indexes are all still in year highs, but many sectors in fact are in year lows or in clear down trend including oil related stocks except oil refineries, gold miner stocks, steel stocks, technology stocks, semiconductor sector and 3D printing sector, in particular, solar sector, shipping sector, railroad sector, defense sector, major airline sector, for-profit-education sector, Chinese ADR as a group, etc. There are only few strong sectors including health care related sectors, regional airline stocks, retailers and insurance stocks.

 

 

 

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