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STTG Market Recap Jan 23, 2015

Friday was a generally quiet session until the closing 90 minutes when sellers came in; the S&P 500 fell 0.55% while the NASDAQ gained 0.16%. A pretty significant warning by shipper UPS might be something to watch for an economic perspective – this is a company that moves a lot of goods around the country. Maybe it was just specific to the Christmas season but if there is another warning down the road it could be something bigger. In economic news, the National Association of Realtors said on Friday existing home sales increased 2.4% to an annual rate of 5.04 million units last month. Economists had forecast sales rising to a 5.06-million-unit pace. For all of 2014, existing home sales fell 3.1% to 4.93 million. That was the first annual drop since 2010.

We kind of have a mixed bag on the indexes as you can see below. We said Thursday a nice follow through day on the indexes Friday would probably give us the green light to be much more constructive on the indexes for the intermediate term. So we had a decent day on the NASDAQ but the S&P 500 was rejected at resistance. All is not lost and a positive start to next week can have us on our merry way still. Watch the 2060 level Monday and Tuesday; a close back above that level should bode well.

cont for charts http://www.stocktradingtogo.com/2015/01/24/sttg-market-recap-jan-23-2015/