Stocks Fall Alongside Oversold Conditions Ignored

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as stocks fall alongside oversold conditions ignored. Stocks in heat map are based on the top 10 holdings of each sector ETF. Click on each picture to zoom in. Below is a summary of today’s action on Wall Street provided by CNBC:

Tech shares lead S&P and Nasdaq lower as stocks try to bounce back from last week’s sell-off

A decline in tech shares pushed the S&P 500 and Nasdaq Composite lower on Monday as Wall Street tried to regain its footing after last week’s sharp losses. The S&P 500 slipped 0.1 percent as the tech sector fell more than 1 percent. The tech-heavy Nasdaq dipped 0.4 percent.

The S&P 500 dropped -0.59% today. Sector decliners led advancers 8 to 4. Technology (XLK) -1.64% led decliners down. Communication services (XLC), consumer discretionary (XLY), energy (XLE), financials (XLF), healthcare (XLV) and materials (XLB) each had minor declines of less than 1%. Consumer staples (XLP), industrials (XLI), real estate (XLRE) and utilities (XLU) each had small gains of less than 1%.

Stocks Fall Alongside Oversold Conditions Ignored

All 3 majors averages continued their losing ways, adding to last week’s losses. Apple (AAPL) and Netflix (NFLX) both fell more than 1% on a reduction of their price targets, leading technology (XLK) down. When reading the above CNBC article, I came across the following quote that describes the current market, “You have an oversold condition and the market knows it should try to find a bottom,” said Robert Pavlik, chief investment strategist at SlateStone Wealth. “But you have a crosscurrent of factors that’s preventing it from doing that.” These factors include interest rates and earnings, he said. “Valuations are attractive, but this crosscurrent keeps people from feeling like this is a bottom they can trust,” Pavlik added.

Key Takeaways…

The following CNBC screenshot was taken last week to illustrate the market’s oversold condition and the earnings calendar provided Earnings Whispers:

Stocks Fall Alongside Oversold Conditions Ignored

Stocks Fall Alongside Oversold Conditions Ignored

Notable S&P 500 Movers…

Below I’ve highlighted some notable S&P movers (both winners and losers).

Credit: Sector Graph provided by Sector SPDR app. Sector breakdown provided by Charles Schwab. Sector heat map provided by finviz. Information Credit: News Headlines and quotes were taken from CNBC in the writing of this post.

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10/15/18

S&P 500 Sector Graph

Stocks Fall Alongside Oversold Conditions Ignored

S&P 500 (SPY)

Stocks Fall Alongside Oversold Conditions Ignored

Communication Services (XLC)

Stocks Fall Alongside Oversold Conditions Ignored

Consumer Discretionary (XLY)

Stocks Fall Alongside Oversold Conditions Ignored

Consumer Staples (XLP)

Stocks Fall Alongside Oversold Conditions Ignored

Energy (XLE)

Stocks Fall Alongside Oversold Conditions Ignored

Financials (XLF)

Stocks Fall Alongside Oversold Conditions Ignored

Real Estate (XLRE)

Stocks Fall Alongside Oversold Conditions Ignored

Healthcare (XLV)

Stocks Fall Alongside Oversold Conditions Ignored

Industrials (XLI)

Stocks Fall Alongside Oversold Conditions Ignored

Materials (XLB)

Stocks Fall Alongside Oversold Conditions Ignored

Technology (XLK)

Stocks Fall Alongside Oversold Conditions Ignored

Utilities (XLU)

Stocks Fall Alongside Oversold Conditions Ignored

S&P 500 Sector Heat Map

Stocks Fall Alongside Oversold Conditions Ignored

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