The market was in a glum mood this week,troubled by fears about housing,employment and the earnings season just around the bend in July.It was down for the fourth straight week,with the S&P losing another 3.5,while the Dow dropped 2.7 and the NASDAQ slipped 3.5 as well.Two poor home sales reports painted a bleak picture of the housing market,a linchpin of the economy,and KB Home reported a bigger than expected loss,with new orders plunging 23%.
The S&P held above its 200-day moving average,but if it drops below 1050,there could be energy in that downdraft.The potential for decay at that point is a big concern.The S&P is at a major technical crossroads.What comes out of the G20 summit in Toronto this weekend could push it over the edge-any sign of disunity among the world leaders,for instance.
As dusk fell in Omaha,South Carolina led Clemson 3-1 in the College World Series.In major league action,Philadelphia was drubbing Toronto 8-0 and Washington was topping Baltimore 6-3.
The S&P futures were up 4.2 this evening,and bond futures retreated.
KB Home(KBH)
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