Highly regarded banking analyst, Meredith Whitney, upgraded Goldman Sachs (NYSE:GS) to a buy and financial stocks were off to the races as Monday’s top market leading sector. Now that the stage has been set, the market will take the bulk of its cues from earnings as quarterly reports and guidance increase.
Volume was mixed on the two major exchanges: NYSE volume -0.92% below average and Nasdaq Composite volume +2.12% below average.
In terms of price volume analysis, amongst the Russell 3000 components, bulls controlled Monday’s market with 61% bullish accumulation (price up & volume down).
For changes to Monday’s trend analysis, please refer to trend monitor (see below).
Leading Industries: accident & health insurance; regional northeast banks; regional midwest banks; diversified investments; regional pacific banks; reit-office; surety & title insurance; regional southeast banks; regional midatlanctic banks; regional southwest banks
Lagging Industries: dairy products; internet service providers; hospitals; education & training services
Stocks Moving Up on Surging Volume
Stocks Moving Down on Surging Volume
- Mid Caps: CPRT
- The DIA closed up +2.30% at $83.31 and $0.08 below its high and $1.92 above its low. Volume was +1.46% above average volume. Daily PMI* is at 96.00 and weekly PMI* is at 96.71.
- The SPY closed up +2.43% at 90.10 and $0.07 below its high and $2.51 above its low. Volume was -+4.42% above average volume. Daily PMI* is at 97.29 and weekly PMI* is at 97.79.
- The QQQQ closed up +1.89% at 35.58 and $0.00 below its high and $1.12 above its low. Volume was +10.05% above average volume. Daily PMI* is at 100.00 and weekly PMI* is at 99.23.
- The IWM closed up +2.33% at 49.22 and $0.03 below its high and $1.84 above its low. Volume was -7.20% below average volume. Daily PMI* is at 98.40 and weekly PMI* is at 89.24.
(*PMI measures and indicates strength of the underylying security’s trading range on a scale of 1-100.)
Market Condition and Trend Analysis
|ETF Index||Market Condition||Short-Term||Intermediate||Primary|
Market Momentum Analysis (Percentage of Stocks Trading Above Moving Averages)
|Market Momentum||20-Day MA||50-Day MA||200-Day MA|
Technical Support & Resistance Levels for Tuesday, July-14-2009
(Please click here to see graphs in original format and better visual interpretation of results.)