Market Overview

Financials and Utilities Lead the Market

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The S&P 500 (SPX) has been meandering around neutral territory for much of the session today, currently up 2.1 (0.16%) at 1328.88.

The index has been held up by the Financials and Utilities Sectors, which are the two strongest performing areas of the market in today's session, up 1.2% and 0.9% respectively.

Keep an eye on the Financials. Should they start to roll over, the market may begin to accelerate to the downside.

The strongest performing stocks in the S&P 500 Financials Sector in today's session currently are:

1) E*Trade Financial (NASDAQ: ETFC): Shares of E*Trade are currently trading up 15% from yesterday's close to 14.90. The stock has broken above its 50-day simple moving average (one year daily chart) in today's session. The next level of resistance is the 200-day SMA, which is currently at $15.41.

2) US Bancorp (NYSE: USB): Shares of US Bancorp are currently trading up 5% from yesterday's close to $26.27. The stock has broken above its 200-day simple moving average (one year daily chart) in today's session. Shares have also broken above key resistance at $26.19. The break out could lead to a test of the 52-week high of $28.66, which was set on February 16th.

3) Bank of America (NYSE: BAC): Shares of Bank of America are currently trading up 4.2% from yesterday's close to $9.97. The stock is recovering after hitting a 52-week low of $9.40 in yesterday's trading session.

4) Goldman Sachs (NYSE: GS): Shares of Goldman Sachs are currently trading up 4% from yesterday's close to $133.70. The stock hit a 52-week low of $125.50 in yesterday's trading session.

Weakness in the Sector: The following Financials stocks are currently showing signs of weakness in today's action despite overall Sector strength:

1) Weyerhaeuser (NYSE: WY): Shares of Weyerhaeuser are currently trading down 2.9% from yesterday's close to $21.60. The stock has been in a tight consolidation range ($21.14 to $22.62) since June 30th. A break below or above either respective level could lead to a large percentage move.

2) Mastercard (NYSE: MA): Shares of Mastercard are currently trading down 1.3% from yesterday's close to $307.44. The stock may be looking to test key support at $303.73. A break below that level could see shares fall back to the 50-day simple moving average at $285.90 – 7% lower than the current trading price.

The strongest performing stocks in the S&P 500 Utilities Sector in today's session currently are:

1) Centerpoint Energy (NYSE: CNP): Shares of Centerpoint are currently trading up 2.4% from yesterday's close to $20.17. The stock has hit a 52-week high of $20.18 in today's session.

2) NiSource (NYSE: NI): Shares of NiSource are currently trading up 2.1% from yesterday's close to $21.15. The stock has hit a 52-week high of $21.16 in today's session.

3) Dominion Resources (NYSE: D): Shares of Dominion are currently trading up 1.8% from yesterday's close to $49.59. The stock has hit a 52-week high of $49.62 in today's session.

4) SCANA (NYSE: SCG): Shares of SCANA are currently trading up 1.7% from yesterday's close to $40.24. The stock has broken above its 50- and 200-day simple moving averages (one year daily chart) in today's session.

Weakness in the Sector: The following Utilities stocks are showing signs of weakness in today's action, despite overall Sector strength:

1) Oneok (NYSE: OKE): Shares of Oneok are currently trading down 0.6% from yesterday's close to $74.40. The stock has been consolidating near its 52-week high of $76.11 since June 27th.

2) Spectra Energy (NYSE: SE): Shares of Spectra Energy are currently trading down 0.2% from yesterday's close to $27.30. The stock has broken below its 50-day simple moving average (one year daily chart) in today's session.

Posted-In: 52-week highLong Ideas News Short Ideas Technicals Intraday Update Movers Trading Ideas

 

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