The equity markets were all over the map in yesterday's trading. Trading up and down by about 40 basis points in either direction, but closing positively on a late day volume surge with upward price momentum. As you would imagine, the individual sector performance was mixed.
Reflecting the price performance, the price/volume heat map also showed mixed results. This was even for staples names, which lead the market with a 130 basis point price gain. Supply-side dynamics perked up in the trading day relative to last week. However, any supply-side moves were offset by volume gainers. Strangely enough, the price/volume diffusion index has improved somewhat in recent trading sessions (which I intend to discuss later) despite lessening volume momentum to the upside. The probable culprit to explain this situation can be found in the price trend in equities. Although the S&P 500 was up just 10 basis point on the day, it did close higher than the highs of either Oct. 22 or Oct. 25, suggesting further gains are ahead in the short term.
Reflecting the price performance, the price/volume heat map also showed mixed results. This was even for staples names, which lead the market with a 130 basis point price gain. Supply-side dynamics perked up in the trading day relative to last week. However, any supply-side moves were offset by volume gainers. Strangely enough, the price/volume diffusion index has improved somewhat in recent trading sessions (which I intend to discuss later) despite lessening volume momentum to the upside. The probable culprit to explain this situation can be found in the price trend in equities. Although the S&P 500 was up just 10 basis point on the day, it did close higher than the highs of either Oct. 22 or Oct. 25, suggesting further gains are ahead in the short term.
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