Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
As mentioned a lot lately we are seeing quite a bit of divergences in the major indexes. While the S&P 500 is still up decently on the week the NASDAQ has now given up the entire gain of the week – of course the carnage in Google (GOOG) and continued weakness in Apple (AAPL) contributed mightily to this fact.
It is a very selective market at this point. At this point the question is will the S&P 500 lift up NASDAQ or vice versa. We should get some answers next week with Apple – I can’t recall the last time the stock was so weak going into earnings.
(EDIT: For the SPY to fill it’s gap it needs to get to 144.23 which also would erase all of its gains for the week)
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