The Robinson Report: Heavy Volume Selloff Erases S&P 500’s YTD Gains

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It was a wild week in the S&P 500, beginning with strength only to lose most of its gains in the final two trading sessions. The Thursday and Friday selloffs both came on heavier than normal volume — a bearish sign. The selloff forced the S&P 500 below its key $2680-$2710 zone.

This area could offer even more resistance in the near-term. With the 200 DMA now the primary area of support, next week’s price action will provide us with more clues as to which way this market is going to move.

When the dust settled on Friday afternoon, the energy (XLE) and industrial (XLI) sectors led the market, both rising 2% on the week. The consumer staples (XLP) sector, however, dragged on the S&P 500 index, falling by 4% last week.

Year-to-date, the S&P 500 index ETF (SPY) is practically flat for the year (+0.32%). (Become a member to keep reading!)

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