Once again, the market was positioned to yield a lot of ground, opening under pressure as crude oil price imploded. But major indices have been clawing back since the start of trading and the NASDAQ Composite has turned higher. This resolve continues to be very impressive, although at those levels, it’s been harder to seduce money off the sidelines. On that note, sellers aren’t motivated either.
The last hour of trading will be intriguing. I think stocks find another gear, and the S&P 500 joins the NASDAQ to finish higher or the air seeps out of the rally balloon and all major indices close lower – near the lows of the session.
While that might not seem like I’m going out on a limb, the main point is the market probably will not close where its trading right now.
S&P 500 Index | -1.24% |
Communication Services XLC | -0.95% |
Consumer Discretionary XLY | -0.86% |
Consumer Staples XLP | -1.01% |
Energy XLE | -2.73% |
Financials XLF | -1.38% |
Health Care XLV | -0.84% |
Industrials XLI | -1.71% |
Materials XLB | -1.31% |
Real Estate XLRE | -2.06% |
Technology XLK | -1.32% |
Utilities XLU | -1.27% |