Friday left the market with five consecutive days up and a big gain on the week.  The volume fell off Friday and was very lackluster action throughout most of the day.  The VIX fell off and closed on the lows at 23.12.  The TRIN closed neutral at .99 on the week.  Gold closed down $7.60 at $1048.71 after a record week of new highs, oil closed up 24 cents at $71.93 a barrel. 

Dow 9917.99, SPX 1080.15, NDX 1754.54 and Compx 2167.70 September highs (years high) are just overhead as resistance.  The weekly charts are still under the upper Bollinger band and in the range the market has sat for five weeks.  The weekly MACD has flattened off on each index, RSI is mid 60’s, stochastics are still turned down but trying to turn, CCI at 100 resistance.  Daily the COMPX left an inside day off Friday’s action, the other indexes dropped the lows and moved back up to the weeks highs.  Stochastics up in the high 80’s, CCI at 100 line resistance, MACD trying to open to the upside and RSI in the low 60’s pointed up.  Leaving the bulls with room to move, but those highs will need to break out and see continuation. 

The earnings for Q3 pick up this week and some biggies roll out for tech and financials.  Brokers and  hardware closed at new highs on the year, internets hit new highs Thursday and closed just off them.  But that leaves three key sectors running fast and furious.  Banks, Semiconductors and telecom are not far behind those sectors.  Leaving each key sector and indexes all at the line in the sand.  Which is not unusual as earnings get underway.  Monday will be slow with bonds closed, that usually drifts into our markets for quiet action.  After last weeks action starting with a gap and go on Monday and the strong close on Friday we may see another gap up this week.  I think the dip buyers are still strong and alive, but with resistance overhead and big earnings this week.  It is likely to be a narrow range day on Monday and then a market ready to move off news later in the week.  This week is October option expiration, which also creates additional volatility.

Economic data for the week (underlined means more likely to be a mkt mover):  Monday US bank holiday no data due out, Tuesday 10:00 Economic Optimism, 1:00 FOMC Member Kohn Speaks, TBA Federal Budget Balance, Wednesday 8:30 Core Retail Sales, 8:30 Retail Sales, 8:30 Import Prices, 10:00 Business Inventories, 2:00 FOMC Meeting MinutesThursday 8:30 Core CPI, 8:30 Unemployment Claims, 8:30 CPI, 8:30 Empire State Manufacturing Index, 10:00 Philly Fed Manufacturing Index, 10:30 Natural Gas Storage, 11:00 Crude Oil Inventories.  Friday 9:00 TIC Long Term Purchases, 9:15 Capacity Utilization Rate, 9:15 Industrial Production, 9:55 Prelim UoM Consumer Sentiment, 9:55 Prelim UoM Inflation Expectations.

Some earnings for the week (keep in mind companies can change last minute:   Monday  pre market FAST and nothing after the bell, Tuesday pre market JNJ and after the bell INTC, LLTC.  Wednesday pre market JPM, and after the bell STLD, XLNX.  Thursday pre market BIIB, SCHW, CIT, C, CY, GS, NOK, LUV, WGO and after the bell AMD, GOOG, IBM, NVLS, PMCS.  Friday pre market BAC, GE, HAL, MAT and nothing after the bell.

COMPX (Nasdaq Composite) closed +15.35 at 2139.28.  Support: 2101.83, 2046.98 50dma, 1999.37 38.2%, 1947.38.   Resistance: 2140.53, 2167.70-2171.80, 2218.18.

SPX (S&P 500) closed +6.01 at 1071.49.   Support: 1051.80, 1029.44 50dma, 999.61 38.2%, 974.73.  Resistance: 1080.15, 1087.92, 1096.82