Wednesday closed the day green across the broader markets with the Nasdaq 100 (NDX) leading the way. NDX +1.26%, COMPX +.90%, RUT +.78, SPX +.64% and Dow up .44% on the day. Banks were the leading sector followed closely by the internets and we have Semis and Brokers on the bottom of the sector list. Volume came in heavier than Tuesday’s for an accumulation day across the NYSE and Nasdaq. The TRIN closed at .82 bullish on the day and the VIX at 23.25 after a very narrow range, showing very little volatility. Gold fell $1.50 to $1257.80 and oil saw a lift of $.58 to $74.67 a barrel on the day.
The days gains kept the market in the range we set on Friday and now can’t seem to leave. The week is marking time waiting for the week to end. Thursday volume is likely to be hit and miss, several outside forces will be hitting the market. The Jewish holiday Rosh Hashanah and futures rollover is likely to keep things slow. We do have economic data to help balance things out for us, but keep in mind it maybe very hit and miss for us.
The ES and TF did test the daily pivots, but the NQ did not. That still leaves no weekly test for any of the indexes this week as we head into the second half of the week. For futures we will start to trade the December contract at the opening, which is the letter Z (we’ve been trading September U). That will split the volume and can often be a little jittery in that first hour. Keeping us on our hands, but sometimes it is very smooth transition and just light. Look for 1102.75 to test and move onto 1115 area if we clear that. Staying over 1074 will keep the bulls in the house. The NQ 1887.25 and onto 1897.75 for the NQ resistance and support is 1842.
Economic data for the week (underlined means more likely to be a mkt mover): Thursday 8:30 Trade Balance, 8:30 Unemployment Claims, 10:30 Natural Gas Storage, 11:00 Crude Oil Inventories. Friday 10:00 Wholesale Inventories.
Some earnings for the week (keep in mind companies can change last minute: Thursday premarket PNY and after the bell NSM, SWHC. Friday prêt market BRC, LULU and nothing after the bell.
