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SPY

SPDR S&P 500 ETF Trust

$258.07

-0.1 (-0.04%)

, SJB

ProShares Short High Yield

$23.40

-0.0399 (-0.17%)

14:47
11/10/17
11/10
14:47
11/10/17
14:47

On The Fly: Weekly technical notes for S&P 500

The S&P 500 (SPX) was set to end the week moderately lower at time of writing. While the scale of the decline is moderate, there is an important technical to keep in view and that is that price has dipped below the uptrend support line in place since early September of this year. This could be the first indication we have of trouble to come as markets head into year end. Disappointment at the potential delay of tax reform coupled with some mediocre earnings reports has helped send the index down from the life high at 2597.02. Support of significance below the uptrend support line would be at 2567.40. A breakdown below would see next support at 2553.39. Another factor to watch for the coming week, and weeks, is a favored long-term indicator of mine, the ProShares Short High Yield ETF (SJB). This ETF tracks an inverse of a high yield bond index and rises in price in times of stress as the index it tracks declines. What I like about the indicator is that unlike a volatility index, it measures much broader sentiment in a correlated but not directly related index. It tends to be a very slow mover as well and only changes direction quite rarely. Back in late 2011-early 2012 it gave the first "all clear" in terms of risk-on appetite following the Eurozone crisis of 2011. The few upside blips on the way since then matched drops in the S&P 500. But overall the path lower since that date, thus bullish for equities, was not in doubt. If we look at a 1-year chart of the ProShares Short High Yield ETF, it is clear that price is rising slowly out of a base. This moderate uptick is a warning of a potential waning of overall risk appetite. Watching this through the week against the S&P 500 may help track the next turn in the index.

SPY

SPDR S&P 500 ETF Trust

$258.07

-0.1 (-0.04%)

SJB

ProShares Short High Yield

$23.40

-0.0399 (-0.17%)

SPX

S&P 500

SPY SPDR S&P 500 ETF Trust
$258.07

-0.1 (-0.04%)

06/28/17
GSCO
06/28/17
NO CHANGE
GSCO
S&P 500 price target raised to 2,400 from 2,300 at Goldman Sachs
Goldman analyst David Kostin raised his S&P 500 earnings estimate to $129 from $123 in 2017 and to $139 from $129 in 2018 to reflect strong Q1 results and higher expected growth in Financials and Info Tech. Kostin raised his year-end S&P 500 price target to 2,400 from 2,300 to reflect earnings growth of 9%, offset by a 4% contraction in the forward multiple.
04/10/17
MSCO
04/10/17
NO CHANGE
MSCO
Morgan Stanley sets S&P 500 'base case' price target of 2,700
Morgan Stanley U.S. Equity Strategist Michael Wilson set a 12-month "base case" price target of 2,700 for the S&P 500, stating that market technicals are in "very good shape" and institutional and retail data suggest U.S. equity positioning is not extreme. A cyclical upturn began a year ago as the global business cycle bottomed in Q1 of 2016 and President Trump's election then "turbocharged" that cycle, said Wilson.
SJB ProShares Short High Yield
$23.40

-0.0399 (-0.17%)

SPX S&P 500

03/08/17
03/08/17
NO CHANGE

David Tepper says stock market on multiple basis 'kind of full'
Appaloosa Management's David Tepper is speaking in CNBC.

TODAY'S FREE FLY STORIES

GME

GameStop

$16.73

0.29 (1.76%)

07:35
11/22/17
11/22
07:35
11/22/17
07:35
Technical Analysis
Technical View: GameStop trades higher after earnings and outlook »

The stock was last up…

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NUAN

Nuance

$14.67

0.15 (1.03%)

07:35
11/22/17
11/22
07:35
11/22/17
07:35
Recommendations
Nuance analyst commentary  »

In-line guidance likely…

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  • 28

    Nov

AAPL

Apple

$173.14

3.16 (1.86%)

, BAC

Bank of America

$26.73

-0.01 (-0.04%)

07:35
11/22/17
11/22
07:35
11/22/17
07:35
Options
Unusual call flow in option market yesterday »

Notable call activity was…

AAPL

Apple

$173.14

3.16 (1.86%)

BAC

Bank of America

$26.73

-0.01 (-0.04%)

MU

Micron

$49.40

1.76 (3.69%)

T

AT&T

$34.33

-0.31 (-0.89%)

ORCL

Oracle

$48.63

-0.39 (-0.80%)

AKS

AK Steel

$4.85

0.22 (4.75%)

PG

Procter & Gamble

$88.72

0.45 (0.51%)

TRIP

TripAdvisor

$32.81

2.33 (7.64%)

PEP

PepsiCo

$116.05

1.14 (0.99%)

PAGP

Plains GP Holdings

$20.48

-0.41 (-1.96%)

03/08/13
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03/06/13
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  • 27

    Nov

  • 29

    Nov

  • 19

    Dec

EKSO

Ekso Bionics

$4.13

1.21 (41.44%)

07:33
11/22/17
11/22
07:33
11/22/17
07:33
Technical Analysis
Technical View: Ekso Bionics trades sharply higher, edging 52-week high »

The stock was last up…

03/08/13
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NTNX

Nutanix

$30.20

0.5 (1.68%)

07:32
11/22/17
11/22
07:32
11/22/17
07:32
Initiation
Nutanix initiated  »

Nutanix initiated with a…

03/08/13
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  • 30

    Nov

  • 07

    Dec

  • 12

    Dec

HPE

HP Enterprise

$14.12

0.03 (0.21%)

07:32
11/22/17
11/22
07:32
11/22/17
07:32
Recommendations
HP Enterprise analyst commentary  »

HP Enterprise CEO…

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  • 27

    Nov

  • 11

    Dec

GE

General Electric

$17.83

-0.15 (-0.83%)

, DKS

Dick's Sporting

$28.58

-0.52 (-1.79%)

07:30
11/22/17
11/22
07:30
11/22/17
07:30
Options
Unusual put flow in option market yesterday »

Notable put activity was…

GE

General Electric

$17.83

-0.15 (-0.83%)

DKS

Dick's Sporting

$28.58

-0.52 (-1.79%)

ROST

Ross Stores

$72.67

-0.07 (-0.10%)

ILG

ILG

$28.11

-0.5 (-1.75%)

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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  • 29

    Nov

  • 30

    Nov

  • 01

    Dec

  • 12

    Dec

DLTR

Dollar Tree

$99.46

2.35 (2.42%)

07:29
11/22/17
11/22
07:29
11/22/17
07:29
Recommendations
Dollar Tree analyst commentary  »

Dollar Tree price target…

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03/06/13
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07:28
11/22/17
11/22
07:28
11/22/17
07:28
General news
Futures above fair value ahead of holiday »

Stock futures are…

SHOO

Steven Madden

$39.80

-0.6 (-1.49%)

07:28
11/22/17
11/22
07:28
11/22/17
07:28
Conference/Events
Steven Madden management to meet with Buckingham »

Meeting to be held in New…

03/08/13
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  • 28

    Nov

BURL

Burlington Stores

$104.94

-1.61 (-1.51%)

07:25
11/22/17
11/22
07:25
11/22/17
07:25
Recommendations
Burlington Stores analyst commentary  »

Burlington Stores price…

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RLH

Red Lion Hotels

$8.55

0.1 (1.18%)

07:24
11/22/17
11/22
07:24
11/22/17
07:24
Conference/Events
Red Lion Hotels management to meet with Craig Hallum »

Meetings to be held in…

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  • 28

    Nov

  • 30

    Nov

  • 06

    Dec

TIVO

TiVo

$17.65

0.15 (0.86%)

, CMCSA

Comcast

$36.42

0.59 (1.65%)

07:24
11/22/17
11/22
07:24
11/22/17
07:24
Recommendations
TiVo, Comcast, Comcast analyst commentary  »

TiVo ITC win raises odds…

TIVO

TiVo

$17.65

0.15 (0.86%)

CMCSA

Comcast

$36.42

0.59 (1.65%)

CMCSK

Comcast

03/08/13
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03/06/13
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ADBE

Adobe

$184.15

1.81 (0.99%)

07:22
11/22/17
11/22
07:22
11/22/17
07:22
Recommendations
Adobe analyst commentary  »

Adobe price target raised…

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03/06/13
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PSTI

Pluristem

$1.51

0.05 (3.42%)

07:20
11/22/17
11/22
07:20
11/22/17
07:20
Conference/Events
Pluristem management to meet with Seaport Global »

Meetings to be held in…

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03/06/13
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  • 28

    Nov

  • 29

    Nov

HRL

Hormel Foods

$34.52

1.12 (3.35%)

07:20
11/22/17
11/22
07:20
11/22/17
07:20
Recommendations
Hormel Foods analyst commentary  »

Hormel Foods 2018…

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  • 27

    Nov

07:20
11/22/17
11/22
07:20
11/22/17
07:20
General news
FX Update: The dollar has traded softer »

FX Update: The dollar has…

BAX

Baxter

$64.25

0.37 (0.58%)

07:19
11/22/17
11/22
07:19
11/22/17
07:19
Recommendations
Baxter analyst commentary  »

Baxter price target…

03/08/13
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  • 28

    Nov

  • 05

    Dec

  • 14

    Dec

GME

GameStop

$16.73

0.29 (1.76%)

07:19
11/22/17
11/22
07:19
11/22/17
07:19
Recommendations
GameStop analyst commentary  »

GameStop price target…

03/08/13
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03/08/13
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03/06/13
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03/06/13
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PRTA

Prothena

$45.97

1.37 (3.07%)

07:19
11/22/17
11/22
07:19
11/22/17
07:19
Conference/Events
Prothena management to meet with Oppenheimer »

Meetings to be held in…

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  • 27

    Nov

  • 28

    Nov

  • 29

    Nov

CRM

Salesforce

$108.80

1.43 (1.33%)

07:18
11/22/17
11/22
07:18
11/22/17
07:18
Recommendations
Salesforce analyst commentary  »

Salesforce price target…

03/08/13
Wedge Partners
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03/06/13
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03/06/13
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  • 27

    Nov

QADA

QAD Inc.

$39.95

1.75 (4.58%)

07:15
11/22/17
11/22
07:15
11/22/17
07:15
Recommendations
QAD Inc. analyst commentary  »

QAD Inc. price target…

03/08/13
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03/08/13
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03/06/13
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UAA

Under Armour

$12.85

-0.59 (-4.39%)

, UA

Under Armour

$11.36

-0.71 (-5.88%)

07:13
11/22/17
11/22
07:13
11/22/17
07:13
Recommendations
Under Armour, Under Armour analyst commentary  »

Under Armour continued…

UAA

Under Armour

$12.85

-0.59 (-4.39%)

UA

Under Armour

$11.36

-0.71 (-5.88%)

03/08/13
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03/06/13
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RRTS

Roadrunner

$8.15

0.16 (2.00%)

07:10
11/22/17
11/22
07:10
11/22/17
07:10
Hot Stocks
Roadrunner appoints James Staley as chairman of the board »

Roadrunner Transportation…

03/08/13
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RILY

B. Riley Financial

$18.60

0.55 (3.05%)

07:10
11/22/17
11/22
07:10
11/22/17
07:10
Syndicate
Breaking Syndicate news story on B. Riley Financial »

B. Riley Financial files…

03/08/13
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03/06/13
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