Monday, September 20, 2010

"S&P 500 Breakout"

The index is at 1135.92 up 10.33.
From Bespoke Investment Group:
In our prior post we noted that the S&P 500 was starting out the week at a key inflection point at the top of its multi-month trading range.  As things now stand a couple hours into the trading day, the bulls appear to be winning.  As shown below, the S&P has broken above resistance and is now trading at its highest level since mid-May. 
So what's leading the market higher today?  Of the ten S&P 500 sectors, Consumer Discretionary is up the most with an intraday gain of 1.74%.  Energy is up the second most at 1.39%, followed by Industrials at 1.23%.  Financials and Technology are both up at least 1% as well.  The defensive sectors (Utilities, Health Care, Consumer Staples) are unsurprisingly underperforming today, but the Materials sector is doing the worst with a gain of just 0.55%.