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 points on the day and closed at 260. For the S&P 500, there is support near 2832 and 2795. Resistance levels are currently at 2906 and 2943.
GLOBAL ASSETS UPDATE
TWELVE SECTOR ANALYSIS
On Wall Street, 9 of the 12 major market sectors are seeing green today. The biggest gainers are Financial (XLF), Utilities (XLU), and Consumer Discretionary (XLY). The weakest sector today has been Software (XSW) which has declined -0.7%.
The CBOE Volatility Index (VIX) is down $-2.12 going from $22.29 to $20.17 today. Call volumes are below average today but Put volumes are higher than average. The ratio of puts to calls for the current at-the-money strike of $21 is above average which means that traders are favoring Puts over Calls currently.
A NASDAQ stock with unusually high volume today is Endo International PLC (ENDP). No AMEX names had significant interest, and on the NYSE NeoPhotonics Corp (NPTN) has had unusual volume.
The biggest mover out of other high-volume stocks is NeoPhotonics Corp (NPTN) which has moved up over 35% recently on volume of over 0 thousand shares. The chart below shows the performance of NPTN over the last year. NeoPhotonics Corporation develops, manufactures and markets optoelectronic products that transmit, receive and switch digital optical signals for communications networks.
DARWIN NEOPHOTONICS CORP FORECAST
The performance of NeoPhotonics Corp (NPTN) will be worth watching in the near term for a number of reasons. The forecast for the coming week on NPTN is for the price to go up. The correlation of NPTN to the S&P 500 recently has been -0.0 which is a weak negative correlation. Key levels to watch for NPTN are downside support at the $4 and upside resistance at the $6 price points.
Paul "Bulldog" Hudson, Chief Investment Officer
Darwin Investing Network