Volatility S&P 500 Index Weekly Chart Technical Analysis (VIX)
Date: 8/24/2011
Volatility S&P 500 Index Weekly Chart Technical Analysis (VIX). Stock Trading Analysis S&P 500 2011 Technical Analysis Sell into the Recent Rally?
Stocks traded in seesaw fashion this session, but ultimately scored a strong gain as the broad market settled at its high for the second straight day.
The stock market mounted an early advance that took it from a narrow loss to a gain of more than 1% in the early going. The move came without any clear catalyst or headline, but it was led largely by the financial sector. The financial sector's bounce was backed by diversified banks and financial services stocks, which rallied after suffering aggressive selling in recent sessions. Financials ultimately finished the day with a 2.8% gain.
The financial sector's impressive finish came only after the stock market had rolled over then drifted to a narrow loss by early afternoon trade. However, the broad market's refusal to extend its downturn encouraged buyers to return with another bid. The buying effort held steady into the finish of trade.
Energy stocks pulled back more than 1% before following the broad market into positive territory. Energy sectors were weighed down for most of the session as participants pared positions in oil and gas services names and integrated plays after watching the overall energy sector score a gain of more than 4% yesterday. As a group, energy stocks gained 0.4% today.
The latest weekly oil inventory numbers showed a net draw, which contrasts with the build that had been broadly expected. That helped oil prices climb as high as $86.59 per barrel, but the energy component inevitably closed pit trade with a 0.3% loss at $85.16 per barrel.
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