View From The Hill: October 21, 2015

Commentary and Performance

bulls-and-bears

Stocks are hitting some air pockets of resistance. All three major indexes were down: SP-500 @ 2018.84 (-11.83 / -0.58%); Nasdaq-100 @ 4413.52 (-24.66 / -0.56%); and Russell-2000 @ 1144.95 (-18.32 / -157%). The VIX has bottomed for now and put in a bullish reversal by surpassing yesterday’s high to finish @ 16.70 (+0.95 / +6.03%).

Treasury rates moved down to lift bond prices. The 10-Yr rate closed @ 20.30 (-0.41 / -1.98%) and the 30-Yr dipped @ 28.71 (-0.52 / -1.78%).

The US Dollar Index continues to rise from its support levels and finished the day @ 95.06 (+0.19 / +0.20%).

In commodities, Gold retreated to close @ 1166.80 (-9.00 / -0.77%). WTI Crude Oil also pulled back @ 45.26 (-0.66 / -1.44%) .

Results were mixed in real estate assets. The Dow Jones Real Estate Index closed @ 296.80 (-1.05 / -0.35%) while the Dow Jones Home Construction Index was the strongest capital market theme today @ 599.76 (+3.61 / +0.61%).

Signing off at Hillbent…

Daily Chart Analysis

The overextended rally is encountering some minor resistance. However, given the market’s reclamation of support above its 55 day moving average, the probability for a move to 2044-2045 resistance levels becomes higher. This will be an important test for the bulls and, if successful, could send the benchmark index back towards the 2100 levels.

sp-500_10-21-2015-daily2

 

Market Breadth

  • Advancers (483) vs. Decliners (2431).
  • New 5-day highs (929) significantly lagged the number of New 5-day lows (747)
  • New 52-week highs (166) also trailed new 52-week lows (85)
  • Bullish reversals (139) lagged Bearish reversals (935)

Volume Radar Alerts

Stock prices increasing on high volume

  • KLA-Tencor Corp (KLAC) @ 63.98 (+18.79%) on 1213% volume surge
  • Solarwinds Inc (SWI) @ 58.31 (+16.16%) on 565% volume surge
  • Sandisk Corp (SNDK) @ 76.78 (+2.11%) on 552% volume surge
  • Tupperware Brands Corp (TUP) @ 59.81 (+8.35%) on 289% volume surge
  • Owens Corning (OC) @ 45.94 (+2.23%) on 277% volume surge
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