Tuesday split the day across the broader markets. The Nas 100, Nas Composite along with the S&P 500 closed red, the Dow was green. NYSE volume was equal to Mondays, the Nasdaq was higher than Monday, futures were all higher on the day. The TRIN closed at 1.18 still in the bears territory and the VIX at 24.83. Gold closed down $8.00 to $1034.80 an ounce and oil up 76 cents to $79.44 a barrel.
IBM gave the Dow a lift that allowed it to close green on the day while the rest of the market red near the lows. The month has had 19 trading days, eight of those have been down with 11 up. The last three have been down and pulled us back to October 8th levels. The market is pulling closer to the 50dma as we've lost ground over the last three days. The stochastics are down to 32-20, -129 to -55 CCI, RSI 52-47 and MACD moved down for the each index. Leaving the market negative on each index for the first time since the 6th for each index on October.
The NQ dropped the 1731 I talked about last night and delivered a down day. I will be looking for a move into 1701 on the NQ and 1047 for the ES from here. The 50dma on the SPX (1049.22), NDX (1690.59), COMPX (2086.95) and Dow (9686.49) should be on watch now for each index. After each multi-day drop the market has seen dip buyers step in. That will be no exception for us this time and now the market will look to those key supports and economic data to wrap the week up. Early data will set the tone for our day, watch for the key supports to turn the market up. A break of Tuesday's highs, we should respect the upside, but until then my bias is to the downside onto the supports above.
Economic data for the week (underlined means more likely to be a mkt mover): Wednesday 8:30 Core Durable Goods Orders, 8:30 Durable Goods Orders, 10:00 New Home Sales, 10:30 Crude Oil Inventories, Thursday 8:30 Advance GDP, 8:30 Unemployment Claims, 8:30 Advance GDP Price, 10:30 Natural Gas Storage, Friday 8:30 Core PCE Price Index, 8:30 Employment Cost Index, 8:30 Personal Spending, 8:30 Personal Income, 9:45 Chicago PMI, 9:55 Revised UoM Consumer Sentiment, 9:55 Revised UoM Inflation Expectations.
Some earnings for the week (keep in mind companies can change last minute: Wednesday pre market ASH, COP, GD, HES, IP, LVLT, MSO, Q, SAP, SEPR, WLP, and after the bell AEM, AKAM, CTX, XRAY, ESRX, FSLR, JDSU, LSI, OII, PACR, RYL, VARI, XL. Thursday pre market AGN, AEP, BCRX, CME, COCO, XOM, K, MGM, MOT, MYL, NEM, ODP, ZEUS, PDE, PG, S, TSM, ZLC and after the bell ADPT, ACS, ATML, DLLR, ERES, KLAC, MXIM, MFE, MET, MSTR, RNWK, SPF, TSRA, USTR, VAR, VSEA, WYNN. Friday pre market CVX, CVH, D, DUK, NYX, SNE, UPL, WY, YRCW and after the bell SHPGY.
ES (S&P 500 e-mini) Wednesday's pivot 1062.25, weekly pivot 1082. Intraday support: 1056.75, 1054 fills gap 10/7, 1047, 1042.75, 1039.50, 1037 fills 10/5 gap. Resistance: 1064.75, 1069.25-1070.75, 1075, 1079.25, 1082.50, 1085.5, 1088.50-1090.75 fills gap, 1093 swing high, 1098.50, 1101.25.