Indices were flat this week, but we saw a high level of volatility. NASDAQ had started to under perform the S&P 500 almost on a daily basis. Break down in AAPL and PCLN and late day sell offs are signaling more consolidation. Just at a time when economic reports this week are starting to come in below expectations. Worries about Europe and the election in France contributed to the downside pressure. Next week, AAPL earnings on Tuesday and FOMC rate decision on Wednesday will be important catalysts to break us out of the current range.
