Indexes gyrated around the unchanged area in the morning, followed by some light selling later in the day. The S&P 500 fell 0.16% and NASDAQ 0.27%. Reuters reported on Tuesday that Russia has sent a 280 truck convoy to Ukraine carrying humanitarian aid, which the receiving country says it may block. NATO fears the aid may be a disguised bid to invade Ukraine, following its annexation of the country’s Crimea region in March.
We have both major indexes near their 50 day moving averages. Right now there is no clear near term direction; quite a bit of chop.
We can see the Russell 2000, chock full of small cap stocks – which led this correction – is below its 200 day moving average; a negative sign.
Crude oil continues to struggle even with possible disruptions to Iraq’s production at the forefront.
Gold is not doing that much here…
…but gold miners are actually one of the strongest areas of the market, as expressed by the ETF GDX.
Tesla Motors (TSLA) continues to impress; but now sits at old highs and is a bit extended from some key moving averages. If it can clear those old highs it should have a nice move in it but (a) it would help if the market became more constructive and (b) it might need time for its moving averages to catch up. Interesting to see the stock not affected by the fact its Model S sedan was the subject of a new Consumer Reports review, in which the magazine said the car has “more than its share of problems.” The publication praised the car for its design and smoothness, but is now also detailing various issues with a Model S that it has driven about 16,000 miles.