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“The person who turns over the most rocks wins the game.” – Peter Lynch
Futures are picking up right where they left off yesterday with downside momentum, although they’re modestly up from their overnight lows. It’s been a busy day for economic data already with Jobless Claims and the Philly Fed coming in roughly in line with consensus forecasts, Continuing Claims better than expected, but Housing Starts and Building Permits both weaker than expected.
Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, market performance in the US and Europe, updates on Asian and European economic data, trends related to the COVID-19 outbreak, and much more.
Was yesterday an up or down day for the US equity market? With the S&P 500 finishing the day down 0.46% and the Nasdaq down over 1%, it was obviously lower, but the internals of the market were actually positive. The S&P 500’s A/D line was +128 which was actually an improvement from the prior day where the S&P 500 was actually up over 0.5%. Additionally, the S&P 500 equal-weighted index also finished the day higher by more than 0.6%. In fact, as the chart below from page two of our Morning Lineup illustrates, even though the S&P 500 was down moderately on the day, the percentage of overbought stocks actually increased while the percentage of oversold stocks declined.