Thursday closed the day down off a reversal day with the RUT-1.19%, SPX -.83%, Dow -.71%, COMPX-.31%, and the NDX -.31%.  Volume on the NYSE and Nasdaq were slightly lighter today.  Futures were all heavier on the day.  The TRIN closed at 1.41 bearish on the day and the VIX at 23.87.  Gold closed up $3.40 to $1295.50 and oil up 47 cents to $75.18 a barrel.

The Nas Composite and the SPX pulled back into Friday’s range and filled the open gaps.  The NDX still holds over the weeks low and the Dow which held up very well on Wednesday dropped into the lower half of the weeks range.  Financials fell on their head today, and continue the road of lower highs since April 15th, we bounce and see a lower high, but that changed with August 6th seeing higher retracement and dropping.  The August 31st low (banks 42.70 and brokers 97.05) will be key support now and we have plenty of room before we get there.  But keep those in mind as we move.  Technology held up better than financials but even hardware, internets and telecom closed red, semi’s closed green.

Futures did test the daily pivots and the ES along with the TF saw the weekly.  Leaving only the NQ left to test the weekly pivot at 1939.25 still WAY below us.  The ES filled the gap from 9/17, the NQ has not and that is leaving us with a bit of a split market.  The Es is so much weaker it is harder to see how far the ES will move with the NQ not pushing.  Financials are the weak link and not doing us any favors with tech holding the NQ’s hand much stronger.  Es has 1116.50 and onto 1109 for key support levels.  Resistance to be watched will be 1127.5 and onto 1133.75 as key levels.  The NQ watch 1967.75 and a drop there we look for the 9/17 gap at 1952.75 to fill.  The resistance to watch is 1989.75, over that level we will look for 2000.25 to retest.  The 2000.25 was Tuesday’s high and now Thursday’s we could see double top here, a break of 1967.75 should be closely watched for that pattern to shape up.

Economic data for the week (underlined means more likely to be a mkt mover):   Friday 8:30 Core Durable Goods Orders, 8:30 Durable Goods Orders, 9:00 FOMC Member Duke Speaks, 10:00 New Home Sales, 4:30 Fed Chairman Bernanke Speaks.

Some earnings for the week (keep in mind companies can change last minute:   Friday pre market KBH and nothing after the bell.