Technical Action Yesterday
Technical action by S&P 500 stocks remains bullish. Another 13 S&P 500 stocks broke resistance (AIG, BB&T Corp., BMC Software, CBS, Capital One, Eastman Kodak, Federated Investors, Fifth Third Bancorp, Janus, Pitney Bowes, Ryder, Stanley Black& Decker and Zion Bancorp) and two stocks broke support (SAIC Corp and Wisconsin Energy). The Up/Down ratio increased from 5.46 to (388/68=) 5.71
Technical action by TSX Composite stocks was mixed. One TSX stock broke resistance (Taseko Mines) and one stock broke support (Primaris). The Up/Down ratio improved from 4.11 to (145/35=) 4.14.
Uncertain international events influencing equity markets appear to be dissipating. A good example is the recovery in Ireland’s key bank stocks.
Regional bank stocks continued to dominate the list of stocks breaking resistance (e.g. BB&T Bancorp, Fifth Third, Zion)