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OPINION

Ready To SNAP Under Pressure

The opinions expressed by columnists are their own and do not necessarily represent the views of Townhall.com.
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AP Photo/Richard Drew

All eleven S&P 500 sectors were higher for the week, but Communication Services stumbled throughout the week under pressure from SNAP’s (SNAP) earnings and Facebook’s (FB) controversy.  FB earnings report after the close should add clarity. On Friday, the Financials were the clear leader.

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S&P 500 Index

 

-0.11%

Communication Services XLC

 

-2.12%

Consumer Discretionary XLY

 

-0.36%

Consumer Staples XLP

+0.78%

 

Energy XLE

+0.94%

 

Financials XLF

+1.40%

 

Health Care XLV

+0.40%

 

Industrials XLI

+0.35%

 

Materials XLB

 

-0.19%

Real Estate XLRE

+0.72%

 

Technology XLK

 

-0.35%

Utilities XLU

+0.51%

 

Financial Reports

All eleven S&P 500 sectors were higher for the week, but Communication Services stumbled throughout the week under pressure from SNAP’s (SNAP) earnings and Facebook’s (FB) controversy.  FB earnings report after the close should add clarity. On Friday, the Financials were the clear leader.


S&P 500 Index Week Oct 22nd

+1.64%

Communication Services XLC

+0.07%

Consumer Discretionary XLY

+1.98%

Consumer Staples XLP

+0.68%

Energy XLE

+1.08%

Financials XLF

+2.81%

Health Care XLV

+2.89%

Industrials XLI

+1.86%

Materials XLB

+0.81%

Real Estate XLRE

+3.23%

Technology XLK

+1.60%

Utilities XLU

+2.39%

Pit Stop?

The S&P 500 closed at a new high, but the chart is still in double top territory.  This is a bearish formation should the index begin to slide from here. And there is a lot of room down to the 50-day moving average.

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I don’t see that happening, but we have to be on the lookout.

To see the chart, click here.

Portfolio Approach

There are no weighting changes to our Hotline Model Portfolio this morning.


Today’s Session

There is lots of inflation that is lasting longer.  It is a guessing game on the Fed’s action, coupled with another week-long wait for that spending package, and a ton of high profiles earnings, which means this could be a wild week.

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