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“I took the two most expensive aspirins in history.” – Wally Pipp

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

The S&P 500 saw a downside intraday reversal yesterday after European chip-equipment manufacturer ASML reported weaker than expected numbers.  As shown below, SPY is currently trading well above its 50-day moving average and is about $16 above key support.  We’ll be treating any downside move as simple mean reversion until the point at which support at the $563.5 level breaks.

The semiconductor ETF (SMH) fell more than 5% yesterday on the ASML news, resulting in a large red bar on the ETF’s chart.  Remember that even though the broad market has been chugging along making new high after new high recently, the semis — the Transports of the 21st century — have yet to do so.