Market Conditions Weigh Against Investor Sentiment

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as market conditions weigh against investor sentiment. 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:

Dow futures slightly higher amid fresh optimism on US-China trade talks

U.S. stock index futures were slightly higher Monday morning, as market participants prepared for another day of corporate earnings and fresh data releases. At around 01:30 a.m. ET, Dow futures rose 17 points, indicating a positive open of more than 10 points. Futures on the S&P and Nasdaq were both seen marginally higher.

The S&P 500 (SPY) inched up +0.11% today. Sector decliners led advancers 6 to 5 as shown below in the sector graph. Real estate (XLRE) -1.03% led decliners down. Consumer discretionary (XLY), energy (XLE), healthcare (XLV), materials (XLB) and utilities (XLU) each had small losses. Financials (XLF) +1.01% led advancers. Communication services (XLC), consumer staples (XLP), industrials (XLI) and technology (XLK) each had minor gains of less than 1%.

The Dow Jones index gained +11 points (+0.04%) to close at 26,554. The Nasdaq added +15 points (+0.19%) to settle at 8,161.

Market Conditions Weigh Against Investor Sentiment

The S&P 500 finished at an all time high on Monday as investors awaited a busy week of earnings alongside an interest rate decision by the Federal Reserve. The S&P 500 is up +17% YTD & the Nasdaq is up +23% YTD. When reading the above CNBC article I came across the following quote regarding market conditions: “Improving fundamentals and FOMO sentiment have pushed stocks back into record high territory,” Craig Johnson, chief market technician at Piper Jaffray said. “Overbought conditions have now developed and market breadth has not confirmed the recent breakout. We believe some consolidation is likely and advise investors to consider realizing some gains at this juncture.” Alphabet (GOOGL) dropped in after hours trading after the company’s earnings report revealed a drop in revenues.

Key Takeaways…

I took the following CNBC screenshots this morning regarding Q1 earnings update, earnings this week and massively overbought:

Market Conditions Weigh Against Investor Sentiment

Market Conditions Weigh Against Investor Sentiment

Market Conditions Weigh Against Investor Sentiment

Notable S&P Movers…

Below I’ve highlighted some notable S&P movers (both winners & 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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4/29/19

S&P 500 Sector Graph

Market Conditions Weigh Against Investor Sentiment

S&P 500 (SPY)

Market Conditions Weigh Against Investor Sentiment

Communication Services (XLC)

Market Conditions Weigh Against Investor Sentiment

Consumer Discretionary (XLY)

Market Conditions Weigh Against Investor Sentiment

Consumer Staples (XLP)

Market Conditions Weigh Against Investor Sentiment

Energy (XLE)

Market Conditions Weigh Against Investor Sentiment

Financials (XLF)

Market Conditions Weigh Against Investor Sentiment

Real Estate (XLRE)

Market Conditions Weigh Against Investor Sentiment

Healthcare (XLV)

Market Conditions Weigh Against Investor Sentiment

Industrials (XLI)

Market Conditions Weigh Against Investor Sentiment

Materials (XLB)

Market Conditions Weigh Against Investor Sentiment

Technology (XLK)

Market Conditions Weigh Against Investor Sentiment

Utilities (XLU)

Market Conditions Weigh Against Investor Sentiment

S&P 500 Sector Heat Map

Market Conditions Weigh Against Investor Sentiment

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