The S&P 500 closed yesterday at nearly 3 standard deviations below its 50-day moving average. The late-day selloff that we saw was extreme to say the least. As shown below, the index has now clearly broken its uptrend channel, so the bulls certainly have work to do. That being said, …
Author: Bespoke
Prices at the Pump Keep Dropping
The national average price of gasoline has been in a practical free fall for nearly four months now and hasn’t had a single up day since late September. According to AAA, the national average price of a gallon of gas currently stands at $3.186, which is the lowest level since 11/11/13. …
Energy Sector Crashes
The S&P 500 Energy sector makes up about 10{04524d497bea0ade6defd1388b5c9b25998d95475e2938b4fa9d615e63ad1540} of the entire S&P 500. The sector rallied 23{04524d497bea0ade6defd1388b5c9b25998d95475e2938b4fa9d615e63ad1540} from late February through June 23rd, and it was one of the top performing sectors in 2014 at that point. But things have turned ugly for Energy lately. Real ugly. Since it’s all-…
Weakest Empire Manufacturing Report Since April
Manufacturing activity in the New York area has seen a notable slowdown in the month of October as the NY Fed’s Empire Manufacturing survey came in significantly weaker than expected — falling to its lowest level since April. While economists were expecting the headline General Business Conditions Index to fall to 20.25 …
52-Week Lows in the Energy Sector Exceed 40{04524d497bea0ade6defd1388b5c9b25998d95475e2938b4fa9d615e63ad1540}
No sector of the market has been harder hit in the last several days than the Energy sector, and with its decline, the list of new 52-week lows has been steadily expanding. In Wednesday’s trading, 42{04524d497bea0ade6defd1388b5c9b25998d95475e2938b4fa9d615e63ad1540} of the stocks in the S&P 500 Energy sector hit 52-week lows. As shown …