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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

Market Summary

  • 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
DIA neutral lateral lateral down
SPY neutral lateral up down
QQQQ neutral lateral up lateral
IWM neutral lateral lateral down

Market Momentum Analysis (Percentage of Stocks Trading Above Moving Averages)

Market Momentum 20-Day MA 50-Day MA 200-Day MA
Today 47.17% 51.60% 72.78%
Yesterday 32.56% 43.27% 68.51%
Last Week 38.57% 55.10% 71.17%
Last Month 74.79% 84.11% 74.70%

Technical Support & Resistance Levels for Tuesday, July-14-2009

Index S3 S2 S1 Pivot R1 R2 R3
DJ-30 7775.48 8013.85 8172.77 8252.22 8411.14 8490.59 8728.96
SP-500 841.01 866.74 883.90 892.47 909.63 918.20 943.93
Nadaq 1661.94 1718.20 1755.70 1774.46 1811.96 1830.72 1886.98
Russ-2k 451.24 469.27 481.29 487.30 499.32 505.33 523.36
VIX 18.18 22.70 24.51 27.22 29.03 31.74 36.26
Index ETF Ticker S3 S2 S1 Pivot R1 R2 R3
DJ-30 DIA 78.70 80.70 82.00 82.70 84.00 84.70 86.70
SP-500 SPY 84.13 86.71 88.40 89.29 90.98 91.87 94.45
NASDAQ-100 QQQQ 32.99 34.11 34.85 35.23 35.97 36.35 37.47
R2K IWM 44.92 46.79 48.02 48.66 49.89 50.53 52.40
Sector ETF Ticker S3 S2 S1 Pivot R1 R2 R3
Consumer Discretion XLY 20.88 21.57 22.02 22.26 22.71 22.95 23.64
Consumer Staples XLP 22.30 22.73 23.00 23.16 23.43 23.59 24.02
Energy XLE 41.62 43.23 44.28 44.84 45.89 46.45 48.06
Financials XLF 10.56 11.10 11.45 11.64 11.99 12.18 12.72
Health Care XLV 24.82 25.38 25.73 25.94 26.29 26.50 27.06
Industrials XLI 19.60 20.32 20.80 21.04 21.52 21.76 22.48
Materials XLB 22.45 23.56 24.29 24.67 25.40 25.78 26.89
Technology XLK 16.57 17.12 17.47 17.67 18.02 18.22 18.77
Telecom IYZ 15.96 16.40 16.70 16.84 17.14 17.28 17.72
Utilities XLU 25.84 26.51 26.94 27.18 27.61 27.85 28.52

(Please click here to see graphs in original format and better visual interpretation of results.)

Disclosure: Hillbent.com, Inc. or its affiliates may own positions in the equities mentioned in our reports. We do not receive any compensation from any of the companies covered in our reports.

Source: Financial Stocks Set the Stage for Earnings Reports