Thursday left the day to close on the highs and take the week into green territory.  The volume came in lighter than Wednesday’s, which does concern me but we’ve seen a lot of variables in volume lately.  The TRIN closed at .31 very bullish and with a healthy A/D and U/D lines.  The VIX closed at 29.68, watch for 28.30 for support.  The gold closed down $1.88 to $1211.52 and oil up $2.99 to $74.50 a barrel.

The Nas Composite has key resistance nearing at 2291.32, Nas 100 1872.30, SPX 1109.17 and the Dow 10341.20.  The SPX and Dow are just a hair under the 200dma’s while the COMPX and NDX cleared that key moving average.  Keep the levels above handy heading into Friday.  Also keep in mind that Friday is leading into a long weekend and the last trading day of May.  The month went very quick and sits very red.  It isn’t likely even with another up day the month will mark a win.  The last down month was January 2010 and we’ve climbed since. 

Into Friday the market closed bullish and left some room still to advance.  However, it was a day with no pullbacks and a gap and go.  That generally leaves us to look for a pullback early on and then for the market to continue.  The ES into 1090.25 and 1086.75 will provide support, NQ 1843.50 and 1835.50, TF 659.70 and 657.5 any deeper than those levels and the selling might get a lot heavier into the long weekend.  Taking out Thursday’s highs and a nice rally, likely to be on light volume, is likely to ensue. 

Economic data for the week (underlined means more likely to be a mkt mover):  Friday 8:30 Core PCE Price Index, 8:30 Personal Income, 8:30 Personal Spending, 9:45 Chicago PMI, 9:55 Revised Consumer Sentiment, 9:55 UofM Inflation Expectations.

Some earnings for the week (keep in mind companies can change last minute:  Friday pre market FRO and after the bell NCTY. 

ES (S&P 500 e-mini)  Friday’s pivot 1095.50, weekly pivot 1094.50.  Intraday support: 1095, 1090.25, 1086.75, 1081.75, 1076.75, 1073, 1069.50, 1061 fills gap.  Resistance: 1105.25, 1110 fills gap, 1115.50, 1121, 1124.25, 1130.25-1132.75, 1143.50