Tuesday another day in range and a split day on the markets. S&P 500 along with the Dow closed slightly lower and the Nas 100 and Composite closed up, but still in range and under Monday's highs/last weeks highs as well. Keeping us still in range and digesting up here. Volume came in while the market was falling and backed off while climbing back to the highs, overall leaving the day with higher volume than Monday. Futures were lighter than Monday's volume, which concerns me some, but one day doesn't change everything leaving us to see if Wednesday comes back up. The TRIN closed at .89 just barely in the bulls territory and the VIX at 24.97. Gold closed the day down $14.70 to $938.80 an ounce and oil down $1.15 to $67.23 a barrel.
Another mid day reversal brought the market off its low up to the highs and another race but this one didn't end with the market making new highs, just near them. Daily is still stuck in the four day range now, winding us for a move. I don't like this action for nightly comments because it is the same everyday. I could just copy last nights and move on. The only change is the 65 minute moved into the upper BB now, it is pulling down with the mid day dips we are getting now. Daily remains just overhead and the stochastics are tilting down, CCI on 100 line, RSI flat with the MACD. It is really a repeat. Until the tone changes it is a buy the dips, the problem with that is which dip and keep it to very key support area's. The Nasdaq led today and left the other indexes to lag. Tech leadership is better than financials at this point, but we can't see a huge split which we did see today. Market breadth is touchy and a little misleading for us with the A/D line snapping back so easily, showed those dip buyers in slow motion coming in.
Futures did test the daily pivot again today, but not the weekly still. Last week did not test the weekly either, that is very rare to see two weeks with no test. So we'll still look for that drop into those weekly numbers at 964 on the ES and 1574.25 on the NQ.
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 Order, 8:30 FOMC Member Dudley Speaks, 10:30 Crude Oil Inventories, 2:00 Beige Book, 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: Wednesday pre market AET, AMT, COP, GD, MSO, Q, SAP, S, WLP, and after the bell AEM, XRAY, DRIV, ESRX, GG, RYL, V, VAR. 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.
NDX (Nasdaq 100) closed +6.16 at 1605.47 Support: 1579.23, 1560.74, 1527.31 38.2%. Resistance: 1608.86, 1639.82 50% on weekly, 1650.60, 1685.49