Thursday traded higher on the day and left another gap below us open. Volume came in heavier today on the NYSE and Nasdaq for an accumulation day. The TRIN closed at .89 and the VIX at 24.18. The market gave up late day, but still held onto the green day. We just closed well off the highs that were put in at 12:30 and then the market went into drift mode. Gold closed at $1056.20 up $11.80 and oil up $2.11 to $71.68 a barrel.
The day had nice participation and intraday patterns 5, 13 minute left head and shoulders. The day ended before the lows could test, which is the neckline. We'll watch for that into Friday. Friday starts the day with early data and then nothing for the remainder of the day. This weeks lift has left the market just under the September highs, which are the 52 week highs on the market. As many stocks continue to hit 52 week highs the market will start to move into option expiration week and earnings continue to get busier next week.
The close with the head and shoulders leaves me to look for a move down. However, after the weeks surprise group of earnings the upside may start the day. As long as the highs on Thursday are not broken we look for downside. The weeks trend has been strong and to the upside, pullbacks should be looked at as buying opportunities. We have only seen shallow pullbacks and dip buyers rush in, so that tone isn't likely to change into Friday as we close out the week.
Economic data for the week (underlined means more likely to be a mkt mover): Friday 8:30 Trade Balance. Monday US bank holiday no data due out, Tuesday 10:00 Economic Optimism, 1:00 FOMC Member Kohn Speaks, TBA Federal Budget Balance, Wednesday 8:30 Core Retail Sales, 8:30 Retail Sales, 8:30 Import Prices, 10:00 Business Inventories, 2:00 FOMC Meeting Minutes. Thursday 8:30 Core CPI, 8:30 Unemployment Claims, 8:30 CPI, 8:30 Empire State Manufacturing Index, 10:00 Philly Fed Manufacturing Index, 10:30 Natural Gas Storage, 11:00 Crude Oil Inventories. Friday 9:00 TIC Long Term Purchases, 9:15 Capacity Utilization Rate, 9:15 Industrial Production, 9:55 Prelim UoM Consumer Sentiment, 9:55 Prelim UoM Inflation Expectations.
Some earnings for the week (keep in mind companies can change last minute: Friday nothing due out. Monday pre market FAST and nothing after the bell, Tuesday pre market JNJ and after the bell INTC, LLTC. Wednesday pre market JPM, and after the bell STLD, XLNX. Thursday pre market BIIB, SCHW, CIT, C, CY, GS, NOK, LUV, WGO and after the bell AMD, GOOG, IBM, NVLS, PMCS. Friday pre market BAC, GE, HAL, MAT and nothing after the bell.
ES (S&P 500 e-mini) Friday's pivot 1062.50, weekly pivot 1033.25. Intraday support: 1060.50, 1057.75, 1054 fills gap, 1047.25, 1037 gap fill. Resistance: 1065.75 swing high, 1068.50, 1072.75, 1075.75 9/23 swing high, 1080.25, 1084.50.