Friday closed the day on the green side of the fence to make for 4 of the last 5 days booking gains on the broader markets. Volume was lower on the NYSE and futures and the Nasdaq had higher participation than Thursday. The TRIN closed at 1.04 slightly bearish on the day and the VIX at 23.47 on the lows of the day. Gold fell $6.50 to $1189.10 and oil down 32 cents to $78.98 a barrel.
The week put in the lows early on and finished on the highs, leaving only Wednesday as a down day for the market. Friday’s lift took the market just over the prior weeks highs and all but the SPX are just over the 200dma. Stochastics, CCI, RSI and MACD are still moving higher. The weekly charts the markets held over 38.2% on the drop from the end of June. Last weeks move up after the prior weeks digestive range let the market stay in the range we’ve seen since mid May. That is still digestive but now the market needs to decide on direction to break the channel we’ve sat on. If the Dow stays over 10269.80 we can look for 10789.5, SPX stays over 1090.71 we can look for 1175.11, NDX stays over 1837.32 we can look for 1982.51, COMPX stays over 2242.26 we can look for 2433.81 longer term move to come in.
ES over 1102.50 we can look for 1127.50, NQ over 1887.25 we can look for 1938.75, TF over 656.50 we can look for 676.00 to test. If the ES drops 1082.25 we can look for 1071 and onto 1064 gap fill, TF drops 631.10 we are likely to see 619.20 and onto 610.70 gap fill. The NQ 1838 and onto 1816.75/1815.50 gap fill.
Economic data for the week (underlined means more likely to be a mkt mover): 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: 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.
COMPX (Nasdaq Composite) closed +23.58 at 2269.47. Support: 2227.63, 2201.79, 2183.39. Resistance: 2298.21, 2341.11, 2354.16
