Friday closed the day mixed with the Nas Composite and 100 closing marginally green and the S&P 500 along with the Dow had a slightly red close. Volume also came in mixed with the NYSE lower than Thursday's, the Nasdaq higher and futures came in higher on the day. The VIX another new low on the year intraday and the close. We've dropped about 12% under the nearest moving average (10dma and 20dema) over the last 4 days of declining volatility. The TRIN closed bearish at 1.35 despite no selling pressure on the day. Gold closed up $1.10 at $940.60 an ounce and oil down $1.06 to $69.17 a barrel.
Nasdaq Composite and Nas 100 has the CCI just over the 0 line, Stochastics moving up to high 70's to low 80's, MACD flat and RSI at 58 leaving room still to move higher. S&P 500 has the CCI still slightly negative approaching the 0 line resistance, stochastics at 60, RSI at 52 and a flat MACD sitting just over the 50dma and 200dma. The Dow the laggard of the bunch with an RSI at 47, flat MACD and CCI at -58 and stochastics at 37. Still pointed up but struggling as it ran into the 200dma just 60 points off Friday's close. The 65 minute on each index left a shooting star as the final candle on the day and turned indicators down, showing some exhaustion after the horrendously tight range we traded in all day.
Monday with the low VIX and tired move we'll look for a pullback. There is no data on Monday but we do have month end upon us and after last weeks narrow range wind up we are set to move. The week is shortened with 4th of July weekend coming, but there is a ton of data due Tuesday - Thursday. Expect some nice movement and larger ranges than we had these past few days. Thursday afternoon the volume is likely to drop off but will be comparable to what we had this past week. The bias overall is still for the bulls to come in after a pullback, but June highs are not far off and that will be a swing high resistance point to watch for. 956.23 on the SPX, 8877.93 Dow, Nas Composite 1879.92 and 1511.94 Nas 100 for the June highs.
Economic data for the week (underlined means more likely to be a mkt mover): Monday nothing due out, Tuesday 9:00 S&P/CS Composite 20 HPI, 9:45 Chicago PMI, 10:00 Consumer Confidence, Wednesday 7:30 Challenger Job Cuts, 8:15 ADP Non Farm Employment Change, 10:00 ISM Manufacturing PMI, 10:00 Pending Home Sales, 10:00 Construction Spending, 10:00 ISM Manufacturing Prices, 10:30 Crude Oil Inventories, 11:15 FOMC Member Evans Speaks, All day vehicle sales, Thursday 8:30 NonFarm Employment Change, 8:30 Unemployment Rate, 8:30 Average Hourly Earnings, 8:30 Unemployment Claims, 10:00 Factory Orders, 10:30 Natural Gas Storage, Friday US Market closed.
Some earnings for the week (keep in mind companies can change last minute: Monday after the bell APOL, HRB, Tuesday pre market SCHN and after the bell ZZ, NCTY, Wednesday pre market GIS, UNF, STZ and after the bell DMAN, Thursday pre market MEI, MSM and nothing after the bell. Friday US markets are closed.
SPX (S&P 500) closed -1.36 at 918.90. Support: 909.34, 902.98 50dma, 894.10 200dma, 879.61, 845.66. Resistance: 930.49, 941.81-946, 956.23 swing high.