Friday Feb 23 2018 Summary
On Friday stocks rallied as Treasury yields pulled back slightly. Late on Thursday they were at 2.917% just below 3% which a lot of analysts believe will lead to renewed selling pressure. Big gains on Friday were in technology which rose 2.17% with Hewlett Packard Enterprise, up 10.5% and HP Inc, up 3.5%. I placed a Trade Ahead Of Earnings Strategy setup on HP but not HPE. Perhaps a bit of a mistake. The two companies created from the split of Hewlett Packard Co in 2015, reported strong results and HPE announced plans to return $7 billion to shareholders.
Traders currently see a 95.5% chance of a quarter-percentage-point hike next month, according to Thomson Reuters data. In total investors are expecting 3 rate hikes in 2018.
On Friday the Dow Jones Industrial Average rose 347.51 points to 25,309.99, the S&P 500 gained 43.34 points to 2,747.30 and the NASDAQ rose 127.30 points 7,337.39 recovering all but 167 points of the loss and leading the recovery from the correction at the end of January. Utilities rose 2.66% and real estate was up 1.72%.
Here’s the Market Breadth Indicator outlook for Mon Feb 26 2018.
There are changes in the Market Breadth Indicators from Friday along with an analysis of the past week and an outlook for the final week of February. Members should review the Market Breadth Indicators to be prepared for trading resumption on Monday.
The market breadth indicator analysis and outlook is for FullyInformed Members.
Advance Decline Numbers Outlook For Mon Feb 26 2018
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