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The S&P Sector PerfChart shows the percentage change for the nine sector SPDRs and the S&P 500 for the month of May. Eight of nine sectors are down with finance leading the day (down around 10%). The utilities sector sports the only gain as investors moved into this defensive sector for yield and safety.
Click this image for a live chart.
Has anyone else noticed how well Dean Foods (DF) has been doing recently?
DF has had a top SCTR score for a while now and it continues to move higher. Don't forget to check the SCTR pages frequently to find similarly strong stocks.
Extra members should also try incorporating SCTR scores into their technical scans. For example:
[today's SCTR.sp5 > yesterday's max(20, SCTR.sp5)]
This scan finds all of the S&P 500 stocks whose SCTR ranking is higher today than it has been during the past 20 days. In other words it shows you the "up and comers" of the Large Caps. Enjoy!
- Chip
P.S. Creating the chart above is pretty easy. Starting from a default SharpChart of DF, it only took me 7 mouse clicks. Let me know if you can beat that number - I bet someone can...
After a rise the last three weeks, COLM hit a pocket of selling pressure and formed a bearish engulfing just below its April highs. This pattern formed even as the S&P 500 closed higher. Also notice that downside volume has consistently outpaced upside volume since late April. The bearish engulfing in COLM was found on the predefined scans page, which is undated throughout the day.
Click this image for a live version.
After returning all the way to the December lows in May, Alcoa (AA) firmed last week and started this week with a gap higher. There is some support here, but the trend since early February is down and this gap is on low volume (so far).
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This chart cover the recent shift to risk-off. The US Dollar Index ($USD) and the 30-Year US Treasury ($USB) are leading over the last six months as both trade near six month highs. Spot Gold ($GOLD) and Spot Light Crude ($WTIC) are lagging as both trade near six month lows. The S&P 500 is somewhere in the middle, trying to make up its mind. Should this risk-off trend continue, $SPX is likely to join oil and gold at the bottom of this chart.
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The image below shows the Market Summary Market Carpet zoomed in on the industry groups. (Note: click the heading to zoom in on a ground). Right away the Amex Airline Index ($XAL) stands out with a dark green square. This means it is leading with the biggest gains. On the individual charts, note that LUV is broke out today and DAL is close to a 52-week high.
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The Gold SPDR (GLD) gave back last week’s gain with a sharp decline the last three days and is on the verge of breaking support. The next support zone resides in the 135-138 area. Gold remains hostage to the falling Euro as the Euro Currency Trust (FXE) fell to its lowest level since summer 2010.
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A review of the CandleGlance charts for the thirty Dow stocks shows only five components trading above their 20-day and 50-day moving averages: AT&T, Disney, Pfizer, Wal-mart and Verizon. Four of these five can be considered defensive stocks that hold up well during times of uncertainty.
Click this image to see all 30 Dow stocks.
Apple suffered its biggest six week decline since 2008, but signs of firmness emerged as the stock formed a spinning top at the end of last week. Spinning tops represent indecision that can sometimes foreshadow a reversal. Also note that this candlestick formed with high volume. A move above Thursday’s high would complete a short-term reversal. It would take a move above 580 to forge a medium-term reversal.
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The 30-year Treasury Yield ($TYX) broke down with a sharp decline the last few weeks. This puts the yield near its 2011 lows and within striking distance of its 2008 lows, scene of the last crisis and flight to safety. Notice that treasury yields and the S&P 500 are positively correlated because the 26-week Correlation Coefficient has mostly positive the last five years.
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