In yesterday's 11:00 AM EST update, I thought the S&P Banks Index (BIX.X) 298.89 -0.12% might be the sector with some significant ties to the U.S. economy might be the sector that index bulls looked for to help propel the major indexes, especially the S&P 100 Index (OEX.X) 481 +0.26% and S&P 500 Index (SPX.X) 955.65 +0.25%, but today's trade has seen the BIX.X hold relatively unchanged, and seems to be keeping bullish gains in the major indexes in check.
Earlier this morning at the 11:00 hour, the major indexes were all at their highs of the session with the NASDAQ-100 Index (NDX.X) now showing a 15-point gain at 1,188.54 +1.29% trading its MONTHLY R2 level of resistance at 1,193.87 and move to a session high of 1,198.43. An while you won't find a single bank in this heavily weighted tech index, the slight dip into the red by the BIX.X does seem to coincide with a pullback from session highs in the BIX.X.
A quick look at tech sector action has the Biotechnology Index (BTK.X) 442.91 -1.09% back in the red for a second consecutive session, with bellwether Amgen (NASDAQ:AMGN) $63.68 -0.12% just dripping red here after an attempt earlier this morning to break free of $64.00 resistance with a session high of $64.89. According to NASDAQ, AMGN has a 4.23% weighting in the NASDAQ, and the 4th most heavily weighted stock in the index behind Microsoft (NASDAQ:MSFT) $24.41 (unch) which has a 9.91% weighting, INTC $20.68 +4.78% (4.99%) and CSCO $16.82 +3.31% CSCO (4.57%).
The Semiconductor Index (SOX.X) 375.11 +3% continue to hold today's top spot among sector winners, but we're starting to see a pick up in sectors turning lower on the day, than at the 11:00 AM EST mark, when Oil Service (OSX.X) 96.34 -1.02% and the Natural Gas Index (XNG.X) 194.27 -0.69% were the only two sectors in the red.
As the session progresses, the Utility Index (UTY.X) 286.62 - 1.19% now edges out the Oil Service Index for sector loser. Currently, no other equity sectors I follow are down more than 1% other than the aforementioned UTY.X and OSX.X.
Current trade finds the Dow Industrials (INDU) 8,761.74 -0.35% now lower by 31 points after reaching a session high of 8,862.68. Dow breadth has turned slightly negative with 18 decliners and 12 advancers. Shares of Eastman Kodak (NYSE:EK) $30.03 -2.59% and United Tech (NYSE:UTX) $66.48 -2.53% offset gains in Intel (NSDAQ:INTC) $20.68 +3.78% and Coca Cola (NYSE:KO) $45.04 +2%.
Market internals at the 01:00 PM EST mark have just come in and while breadth is still positive, internals look to soften into the latter part of today's trade.
The NYSE shows 864 million shares traded with advancer outnumber decliners by a 3 to 2 margin. At the 12:00 PM EST mark, advance/decline was 2:1. 244 stocks have hit new 52-week highs on the big board, compared to just 3 stocks trading new 52-week lows.
NASDAQ volume is 1.29 billion shares. 12:00 PM advance/decline was 19 to 10, but has slipped to 18:12 at this hour. NASDAQ reports 201 stocks having traded new 52-week highs compared to 11 stocks hitting a new lows. Yesterday's full session of trade saw just 8 stocks hitting new lows.
For premierinvestor.net subscribers, in last night's Index Trader Wrap at OptionInvestor.com, I made note that the broader S&P 500 Bullish % ($BPSPX) rose above the more overbought 70% level and now this "market" along with the NASDAQ-100 Bullish % ($BPNDX) has reached longer-term overbought levels. As such, bullish positions should have stops snug as the SPX has reached a more "overbought" condition.