This Commodity Is Giving Clear Signals For Market

WEEKLY MARKET ANALYSIS

Stocks opened modestly lower but the decline reversed but more modestly intra-day into the close. The Dow Jones Industrial Average ETF DIA was up 2.32 points on the day, with a 255.79 close. For the S&P 500, there is support near 2800 and 2767. Resistance levels are currently at 2864 and 2897. Counter Trend Deep Buy Below.

GLOBAL ASSETS UPDATE

TWELVE SECTOR ANALYSIS

VOLATILITY UPDATE

On Wall Street, 11 of the 12 major market sectors are seeing red today. The biggest losers are Pharmaceuticals (XPH), Retail (XRT), and Software (XSW). The strongest sector today has been Utilities (XLU) which has gone up 1.4%.

The CBOE Volatility Index (VIX) is down $-1.34 going from $19.4 to $18.06 today. The ratio of puts to calls for the current at-the-money strike of $19 is below average which means that traders are favoring Calls over Puts currently.

MARKET HEAT

A NASDAQ stock with unusually high volume today is Big 5 Sporting Goods Corporati (BGFV). On the AMEX Contango Oil & Gas Company (MCF) has had significant interest, and on the NYSE Maxar Technologies Inc (MAXR) has had unusual volume.

The biggest mover out of other high-volume stocks is Big 5 Sporting Goods Corporati (BGFV) which has moved up over 22% recently on volume of over 0 thousand shares. The chart below shows the performance of BGFV over the last year. Big 5 Sporting Goods Corporation is a sporting goods retailer in the western United States.

DARWIN BIG 5 SPORTING GOODS CORPORATI FORECAST

The performance of Big 5 Sporting Goods Corporati (BGFV) will be worth watching in the near term for a number of reasons. The forecast for the coming week on BGFV is for the price to go up. The correlation of BGFV to the S&P 500 recently has been 0.3 which is a weak positive correlation. Key levels to watch for BGFV are upside resistance at both the $2 and $3 price points.

Trade smart,

Paul "Bulldog" Hudson, Chief Investment Officer
Darwin Investing Network