Flat has several meanings. 1. Smooth and even, without marked lumps or indentations. I wonder how many can say that about their equity after Tuesday’s session? 2. Lacking interest or emotion; dull and lifeless. That’s a yes! 3. In or to a horizontal position. Describes the market internals or McClellan Oscillator.
The S&P 500 is flat. Flat as a word has several more urban definitions; but I will leave that to your own curiosity to look up online. Speaking of, Google (GOOG), far from flat, did make new highs.
Volume equally flat with an exception to the small caps, Russell 2000s, which posted a rather small distribution day. Remember, when you’re flat on your back, everything looks up!
S&P 500 (SPY) Held the fast moving average, which by the way, is flat.
Russell 2000 (IWM) Broke the fast moving average with 111 an important support level
Dow (DIA) Closed just shy of the fast moving average but also on support. Also have to mention that IWM SPY and DIA did not make new highs recently while QQQs did
Nasdaq (QQQ) Marginally worked off overbought conditions
XLF (Financials) Volcker rule announcement had an impact. Sitting on support
SMH (Semiconductors) Holding the runaway gap
XRT (Retail) With a 6 day correction, 85.60 is pretty much the risk should this start to turn up
IYT (Transportation) Marginally held 128.40
IBB (Biotechnology) Held 219 and still digesting
IYR (Real Estate) 63.20 is the place to hold now
XHB (Homebuilders) Floundering around above the 50 DMA
GLD Gapped up so that reversal candle was good after all-now, 122 great resistance
USO (US Oil Fund) Cleared the 200 DMA-and baby, it’s cold outside!
XLE (Energy) 2 inside days-good one to focus on for range break
TBT (Ultrashort Lehman 20+ Year Treasuries) TLTs doesn’t believe taper talk it seems
EWG (Germany) 30.33 is the low of the island top to clear to negate that pattern
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