Wednesday closed the day with a narrow inside range down day across the broader markets. Volume once again was split with the NYSE slightly higher than Tuesday and the Nasdaq slightly lighter. Futures were mixed with the ES and NQ higher leaving the TF odd man out with lighter volume. The TRIN closed bullish at .68 and remained flat throughout the day. The VIX closed at 17.55 just off the 17.92 highs. Gold couldn’t find a bounce and fell $14.70 to $1089 an ounce and oil down $1.30 to $80.61 a barrel.
The inside day was very digestive and let the bears have a little pullback to work off some of the lift the market has seen with no pullbacks. The day’s range will be where we look for direction into Thursday. Wednesday delivered disappointing economic data and held up better than it would have months ago on bad data. Which leaves me to think the bears aren’t going to get out of control easily and this uptrend has a tight hold on pullbacks. Indicators are still flat and with no real conviction until we see that low break don’t get overly bearish.
Thursday brings additional data to the market and could be a market mover early on to set the days tone. Futures look for 1156.50 to test on the ES with a move under 1161. Back over 1166.75 look for the gap at 1169.5 and onto new highs on the week for the ES Banks helped to prop the ES up today keep an eye on 52.48 as resistance then a move onto 54.14, a break under 51.46 the 10dma should help to push lower for a pullback. That would likely weight the ES for a move to 1156.5 and onto 1152.5.
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 Final GDP, 8:30 Final GDP Price Index, 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: Thursday pre market BBY, CAG, LULU, SCHL, GASS, TXI, UTIW and after the bell CAN, FINL, ORCL, PBY, TBIX, WTSLA. Friday nothing due out.
