Market Outlook for March 9, 2010
Upcoming Events for Today:
- None Scheduled
Due up for tomorrow: Wholesale Inventories, Federal Budget
The Markets
| Market | Close | % Change | Expected ST Low | Expected ST High |
| Dow Jones Industrial Average (^DJI) | 10552.52 | -0.13% | 10032.40 | 10459.64 |
| Dow Jones Transportation Average (^DJT) | 4214.14 | 0.44% | 3852.87 | 4165.07 |
| Dow Jones Utility Average (^DJU) | 377.54 | -0.17% | 367.11 | 383.41 |
| S&P 500 (^GSPC) | 1138.50 | -0.02% | 1068.32 | 1123.07 |
| S&P/TSE Composite (^GSPTSE) | 11963.84 | -0.09% | 11202.77 | 11840.50 |
| NASDAQ Composite (^IXIC) | 2332.21 | 0.25% | 2146.29 | 2290.02 |
| Austrian Traded Index (^ATX) | 2492.25 | 1.49% | 2425.16 | 2550.34 |
| French CAC 40 (^FCHI) | 3903.54 | -0.18% | 3612.86 | 3838.63 |
| German DAX (^GDAXI) | 5875.91 | -0.02% | 5505.48 | 5788.36 |
| UK FTSE 100 (^FTSE) | 5606.70 | 0.12% | 5122.17 | 5489.61 |
| China HANG SENG INDEX (^HSI) | 21196.87 | 1.97% | 19845.14 | 20885.18 |
| Korea KOSPI Composite Index (^KS11) | 1660.04 | 1.56% | 1574.32 | 1655.63 |
| Tokyo NIKKEI 225 (^N225) | 10585.92 | 2.09% | 10019.86 | 10432.94 |
| Swiss Market Index (^SSMI) | 6851.20 | 0.05% | 6355.37 | 6785.34 |
| Brazilian IBOVESPA (^BVSP) | 68575.00 | -0.40% | 64183.35 | 68047.53 |
| Mexico’s IPC (^MXX) | 32520.27 | 0.26% | 30554.76 | 32239.09 |
| Amsterdam Exchange Index (^AEX) | 338.17 | -0.15% | 316.40 | 333.54 |
| New Zealand NZX 50 INDEX GROSS (^NZ50) | 3222.81 | 0.25% | 3081.48 | 3202.41 |
Markets on majority were rather flat on the day, this after the large rally that saw appreciations in stock prices across the board on Friday. On mass, seasonality is overwhelmingly positive amongst individual equities at present time. Sectors seeing the most favorable seasonality presently are energy, materials and financials. The expected trading range is quickly catching up to the current trading prices, implying a slowing upward trend in the immediate short-term. Technicals are currently mixed as the market takes a pause from the recent gains.
Market sentiment using Total Option volume is just about even with 0.92 puts traded for each call, definitely neither a bullish nor bearish sentiment.
Sectors that moved the Market
| Sector | % Price Change | % Volume Change |
| Energy Sector | -0.15% | -17.76% |
| Basic Materials Sector | 0.00% | 23.93% |
| Financial Sector | 0.20% | -34.62% |
| Health Care Sector | -0.59% | -25.06% |
| Consumer Discretionary Sector | 0.25% | -6.32% |
| Industrials Sector | -0.47% | -31.62% |
| Technology Sector | 0.54% | -16.86% |
| Utilities Sector | 0.00% | -32.87% |
| Consumer Staples Sector | -0.36% | -47.48% |
Technology led the way on the day with a major technology conference occurring Tuesday that is expected to bring a big announcement from Cisco Systems. Consumer Discretionary and Financials rounded out the gainers on the day. Consumer Staples witnessed the largest change in volume at almost 50% less activity than the day previous.
S&P 500
Chart Courtesy of StockCharts.com
| Support 2 | Support 1 | Pivot Point | Resistance 1 | Resistance 2 |
| 1134.49 | 1136.50 | 1138.77 | 1140.78 | 1143.05 |
American markets remain strong, even after investors took pause to contemplate the gains we have recently garnered. Expect further sector shifting as investors position assets into sectors that represent the greatest value to benefit off of long-term appreciation, mainly financials, materials and even Technology. Although technology may be out of seasonal strength, the fundamentals in the market are significantly strong to carry the sector through with hefty gains.
Total Returns
Yesterday: –0.02% – Trailing 5 days: 2.04% – Trailing 30 days: 6.78%
Averages for current day based on past 20 years of data
- Current Day: –0.27% with 35.71% of sessions gaining
- Next 7 days: 0.25% with 55.00% of sessions gaining (Max return: 1.15% by March 11 on Average)
- Next 30 days: 1.69% with 52.42% of sessions gaining (Max return: 3.85% by March 26 on Average)
TSE Composite
Chart Courtesy of StockCharts.com
| Support 2 | Support 1 | Pivot Point | Resistance 1 | Resistance 2 |
| 11906.21 | 11935.02 | 11987.27 | 12016.08 | 12068.33 |
Canadian markets are revealing signs of resistance at current levels and may be positioned for some short-term profit taking. Markets on both sides of the border have their strengths, with Canada witnessing significant gains in the energy and materials space. However, the fundamentals in the US markets in the areas of finance and technology are just primed for appreciation and may outweigh the gains made in Oh Canada.
Total Returns
Yesterday: –0.09% – Trailing 5 days: 2.87% – Trailing 30 days: 7.63%
Averages for current day based on past 10 years of data
- Current Day: –0.20% with 42.86% of sessions gaining
- Next 7 days: –0.17% with 50.00% of sessions gaining (Max return: 1.28% by March 10 on Average)
- Next 30 days: 1.65% with 53.11% of sessions gaining (Max return: 4.11% by March 26 on Average)
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