Wall Street Wrap: Still a wait and see
Sell the News. Stocks popped 0.5% at the 9:30 a.m. opening bell yesterday (March 4), but it was downhill from there. By 1 p.m., the Dow Jones Industrial Average was off 1.6%. The Dow rebounded to close down 0.8%, but that was still the largest decline since Feb. 7.
We've been following the QQQ which tracks the NASDAQ, and still really don't have any confirmation one way or another. Investor's Business Daily uses a Daily Pulse indicator for market direction. It's currently at "confirmed uptrend," but the paper also tracks distribution days, which are down days on heavier-than-average volume. There are four on the S&P and three on the NASDAQ. Four or more indicates caution.
"The Nasdaq and S&P 500 held above their 50-day moving averages. The Nasdaq 100-tracking Invesco QQQ Trust (QQQ) actually rose a fraction. Those are reasons to remain invested in stocks, but also to be guarded in the coming days," according to the March 4th issue.
Futures this morning at 7:30 am CST were mostly unchanged from yesterday's close.