Wednesday closed the day with a small loss across the broader markets, but that was still on the highs of the day. Volume was a little lackluster today and came in under Tuesday's on the NYSE and Nasdaq, but higher on futures. The TRIN closed at .89 and the VIX at 25.61 on the day. The A/D and U/D lines closed neutral again today despite the rollercoaster day. Again today the bulls finish on the highs with a run in the last 45 minutes. Gold closed down $12.00 at $927.10 and oil down $3.95 to $63.28 a barrel.
Wednesday basically left the market with another narrow range day. The Nas 100, Composite and the Dow all left an inside day, only the S&P 500 dipped under yesterdays low, but traded back to just under Tuesday's close. Another go no where and do very little kind of day to hold the same support we have for five days now. The market has gapped down for three consecutive days and managed a mid-day reversal to close on the highs or near them each day. The weeks lows will be the key to any lower still and a trendline sits just under that level as well for a target below us.
Into Thursday early data will kick off the day and we'll continue to look for one step down to let the S&P 500 retest today's low and for the Nasdaq to retest Monday's lows and break the inside day left on the Nasdaq. The market is still digesting on the highs and seeing more weight on the downside, but saying that I must caution against top picking. Digesting doesn't mean we drop, it means we are winding for a move and that move can come up or down. The trend is still intact for the upside and until that changes don't start getting anxious about the downside being any more than what we've seen the past few days. Very limited and snaps back.
Economic data for the week (underlined means more likely to be a mkt mover): Thursday 8:30 Unemployment Claims, 10:30 Natural Gas Storage, Friday 8:30 Advance GDP, 8:30 Advanced GDP, 8:30 Employment Cost Index, 9:45 Chicago PMI.
Some earnings for the week (keep in mind companies can change last minute: Thursday pre market ABC, ABX, CI, CL, CMI, XOM, IP, K, MA, MYL, MOT, NYX, ZEUS, PTEN, TRV, and after the bell DRYS, DTE, ERES, ESLR, FSLR, GPRO, MET, PDLI, VSEA, DIS. Friday pre market AEP, D, TOT, WY and nothing after the bell.
ES (S&P 500 e-mini) Thursday's pivot 971.75 weekly pivot 964, monthly pivot 918. Intraday support: 970.75, 968.50-967.75-966 swing low, 964.25, 960.25, 955, 951.25, 950 fills gap. Resistance: 976.75, 979.75, 981.50-982.25, 987.50, 991.50, 999.50, 1003, 1007
NQ (Nas 100 e-mini) Wednesday's pivot 1597.25 weekly pivot 1574.25, monthly 1468.75. Support: 1597.75, 1594.75, 1591.50, 1587, 1581.50, 1577.50, 1574.75, 1568.25, 1558.75-1557.50. Resistance: 1603.75, 1609.50, 1621.50-1623.50, 1634
ER (Russell 2000 e-mini) Wednesday's pivot 547.60, weekly pivot 537.50, monthly 510.60. Support: 544.50, 543, 538, 533.80, 529.60, 523.60. Resistance: 552.10, 557, 558.20, 561.90