Thursday closed the day up over 2% on each of the indexes. Volume fell off a little to just come in under Wednesday’s participation on the NYSE, Nasdaq and Futures. The TRIN stayed bullish all day closing at .68 and the VIX is still sitting just over the 200dma with a close at 24.63. Gold moved higher to $1196 +4.20 and oil up $2.74 to close at $79.30 a barrel.
After hours Microsoft (MSFT), American Express (AXP) and Amazon (AMZN) all traded down on earnings news. The market has very little reaction to any of the news. We’ve had a lot of up and down this week but still stuck in range. That leaves us to look for the week to look try to hold the gains. The COMPX sits just under 200dma and just over 50dma. The NDX closed over the 200dma and 50dma today. The SPX just cleared the 50dma and is into the swing high from 1099.46 resistance with the 200dma at 1113.18 (20 points away). The Dow closed over the 50dma and sits 70 points under the 200dma. That leaves the market at key resistance and gives it a reason to sit in range on Friday.
The ES has 1096 from July 13th swing high as resistance just overhead. 1101.50 is the next resistance overhead. Support is at 1078.50 to look to retrace into. NQ 1887.25 resistance and 1833.75 support. The TF 641.20 and onto 656.50 for resistance and key support is at 621.80.
Economic data for the week (underlined means more likely to be a mkt mover): Friday nothing due out. Monday 10:00 New Home Sales. Tuesday 9:00 S&P/CS Composite, 10:00 Consumer Confidence, 10:00 Richmond Manufacturing Index. Wednesday 8:30 Core Durable Goods Orders, 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 Advance GDP Index, 8:30 Employment Cost Index, 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: Friday pre market F, GAP, HON, MCD, R, SLB, TROW, TASR, VZ, and after the bell nothing due out. Monday pre market RSH, SOHU and after the bell ADVS, CF, LM, MAS, UHS, VLTR, ZRAN. Tuesday pre market AKS, BP, CIT, DPZ, DD, ECL, LLL, LVLT, LXK, LMT, NDAQ, OXY, OXPS, SAP, TEVA, X, UA, VLO, and after the bell AET, BRCM, CEPH, DWA, IGT, MEE, NSC, PNRA, ULTI.
ES (S&P 500 e-mini) Friday’s pivot 1087, weekly pivot 1074. Intraday support: 1081.75, 1078.50, 1074, 1070.75, 1068.25, 1065-1064 fills gap, 1061.75. Resistance: 1086.50, 1092, 1094.50, 1100-1101.50, 1107-1108.25, 1115.75
