Major indexes and ETFs hovered near significant resistance, still unable to move higher as technical indicators point to lower prices and fundamental news was mixed with fears of a slowdown in China offsetting better news from Europe.
West Texas Intermediate Crude Oil declined 0.7% to close at $106.60 while gold dropped -0.6% to $1702/oz and silver dropped 1.25% to $33.71.
On a technical basis, all three commodities remain above their important 50 day moving averages.
The weakness was attributed to a larger than expected trade deficit report from China that would indicate reduced demand for its exports and the potential for a slowdown in China and the rest of the world.
VIX (NYSEARCA:VXX) dropped 8.6% yesterday as major stock indexes were mixed to close mostly flat.
In spite of significant headline risk remaining in Europe and a slowing global economy, market participants are reaching near record levels of complacency as measured by VIX. Typically, levels like these are followed by a rally in VIX and a decline in stock prices and so it’s quite likely that a major market top is at hand.
Yesterday, the S&P 500 (NYSEARCA:SPY) the biggest ETF, was flat and closed below recent resistance levels.
The Russell 2000, (NYSEARCA:IWM) declined -0.2% and is still off its recent highs set in early February.
NASDAQ 100 (NYSEARCA:QQQ) gained +0.05%.
Dow Jones Industrial Average (NYSEARCA:DIA) was the best performer on the day, up 0.24%.
Today is a big day with the Federal Reserve meeting, and economic reports for retail sales and job openings.
Bottom line: Markets will not stay in neutral forever. The longer this sideways channel continues, the more explosive, up or down, the breakout will be.
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U.S. Indexes, ETFs Stuck At Ceiling
Published 03/13/2012, 03:52 AM
Updated 05/14/2017, 06:45 AM
U.S. Indexes, ETFs Stuck At Ceiling
Major U.S. indexes and ETF close mixed on low volume day, stuck at significant resistance.
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