In what could only be described as a less than energetic trading session, none of the major indices ventured too far from home plate. Small Caps outperformed their larger cousins, as the Russell 2000 gained about 3/8 of a percent on the day. The Transports, or more specifically… the airlines were the day’s underperformers. Of the S&P 500’s eleven sectors, not even one closed up, or down as much as 0.3% on the day.
The sharpest move of the day came from the US Treasury market. Yields on ten year paper finished at their highs (the note’s lows), close to 2.62%. The two year ended up around 1.376%, rebounding somewhat after hitting 1.39%. Gold, Oil, and Silver made only pedestrian moves as the DXY recovered from it’s early lows to finish close to where it started the day.
SPX: The 2372 level performed spectacularly as a trading level today. providing resistance on three attempts between 10am and 3:30pm, and then once broken acting as support into the close. Barring market moving overnight news, that late action could bear significance into tomorrow morning’s opening bell.
RUT: After half a day where my Russell levels had not worked at all, the 1370 spot established itself as stiff resistance from 13:00 on. Unlike, with it’s S&P 500 counterpart, the level remained unbroken on the close, and actually provided the closing price point.
Note: The CBO provided scoring for the American Health Care Act after the close. At an early glance, it looks like this bill would reduce costs over the long run for the individual, and reduce the budget deficit, while unfortunately reducing the rolls of the insured. I will study this more comprehensively overnight.