Tackle Today: 3 Things Weighing on the Market This Morning

Traders,

This morning’s down open is apropos of the trading range we’ve been stuck in. Yesterday’s up day couldn’t have been followed by a 2^nd up day, could it? That would break the spirit of the mindless meandering we find ourselves in. Three things are weighing on the market this morning.

• Home Depot posted underwhelming quarterly sales and issued disappointing full-year guidance. Its share price is down 3.5%.
• China released weaker-than-expected retail sales, industrial production, and fixed asset investment data for April
• Treasury Secretary Janet Yellen re-emphasized the need to resolve the looming debt ceiling deadline of June 1^st.

It’s worth noting that the Nasdaq is slightly in the green this morning, so big-cap tech isn’t worried about any of the news. We’ll see if buyers return elsewhere, but the market range reigns supreme for now. If you need assistance in what techniques you can use to thrive during the neutrality, check out this week’s Tales of a Technician blog exploring four ways to find dough in a directionless market!

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Chart of the Day: Home Depot (HD)

A lower wick is forming early in the day for HD. Let’s see if buyers help fill the gap contributing to this morning’s market malaise.  

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Today’s line up

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