The markets have started the week disconnected from each other thanks in part to the the unfortunate crash of yet another Boeing 737 Max 8. This is the second crash in less than 6 months, which has weighed on the Dow-heavy stock. For the week so far, the Dow has been held back on the weakness from Boeing (NYSE: BA) with a gain of less than a half of a percent.
The S&P 500 (NYSE: SPY), while it still has Boeing in it, has fared much better with a gain of almost 2% through Tuesday. The technical traders note the currently successful bounce off the 200-day moving average, but with immediate overhead resistance at the $281.50 area on the SPY.
Industrials were weighed down Tuesday on the Boeing news, continuing to see weakness following the Ethiopian crash two days ago. Technical traders noted the bounce off the 200-day moving average Monday, but with Boeing having nearly a 10% weight in the sector, it was hard to see any real momentum from Monday's move.
The big tech area of the market (NYSE: XLK) hit new highs for the year yesterday as investors continue to focus on large tech this week. Apple (NASDAQ: AAPL) was a major player in the sector as the company was upgraded and also announced a special event on March 25th where they're expected to launch more services based offerings. The XLK also has enjoyed the support of the 200-day moving average.
Lastly, REITs (NYSE: ICF) continue to push to new highs, hitting new yearly highs every day this week. The consistently strong area of the market is now higher by almost 15% since the start of the year and showing no signs of pulling back.