Stock markets were mostly flat on Wednesday. The Dow dropped -27, Nasdaq -9 and S&P -4. The day’s action was a light follow-up after a sharp sell-off during Tuesday’s session. Looking at the advance/decline line, there were actually more companies that were up on Wednesday than down on the NYSE with a clip of 1774 advancing issues vs. 1285 declining issues.
One of the major stories of the day was released from the Federal Reserve, where they reported that their stress test had been completed. The financial sector rebounded, but the chart is still under pressure from the breakdown on Tuesday.
AAPL continued its slide. The pullback is bringing the chart into a bullish retracement zone. The recent sell-off comes from a reaction to the i-watch announcement on Monday. AAPL is still in a bullish long-term uptrend with underlying strength behind it. Look for a trigger or catalyst near the 120 price point.
BIDU is breaking down. Chinese stocks have been under pressure recently with sell-offs in some of the major names. Keep an eye on PTR, BABA, and BIDU specifically. BIDU has a key support at 200.00. A break at that level and there is lots of room opened up to the downside.
Crude Oil sold off again amid a dollar rally. It’s resting near support on the short term contract at 48.00. Much of the commodity’s move is being driven by the value of the US Dollar, which broke 100.00 on the index. The dollar rally has driven most commodities lower, including Gold and Silver.
Economic data will be focused on Core Retail Sales on Thursday 3/12 and the Consumer Sentiment report on Friday 3/13.
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