Monday closed the day green across the broader markets on mixed volume. The NYSE came in lighter and the Nasdaq heavier than Friday. The recovery bounce on the indexes took us back to mid channel Thursday and Friday’s action. The TRIN closed at 1.57 bearish and the VIX at 26.10 back to 10.5% off the 10dma. Gold closed up $9.40 to $1226 an ounce and oil down 15 cents to $75.24 a barrel.
Into Tuesday the market can look for early data to spark the volatility and bring in some volume for us. The volume should pick up as the market finds some reason to move. Data is a good reason and as we move into mid week of expiration. The Nas Composite and Nas 100 engulfed Friday’s losses and the SPX and Dow left hammers for support. That is a bullish sign for the market if we get another up day to confirm the support in place. The Nasdaq Composite has 2155.29 61.8%, 1809.41 50%, SPX 1069.11 50% and Dow 10266.14 50dma and 10167.10 50% fib support just under each index. The Dow is still the only index sitting over a key moving average 50dma.
The ES has 1079.75 resistance clears we look for 1088 to test. The 1068.75 support stays in place the ES can still move higher. The NQ 1825.50 resistance and onto 1845 will be key for the NQ to get any upside movement. Support is at 1811.5-1807, staying over that line in the sand lets the market move higher.
Economic data for the week (underlined means more likely to be a mkt mover): Tuesday 8:30 Building Permits, 8:30 PPI, 8:30 Core PPI, 8:30 Housing Starts, 9:15 Capacity Utilization Rate, 9:15 Industrial Production. Wednesday 10:30 Crude Oil Inventories. Thursday 8:30 Unemployment Claims, 10:00 Philly Fed Manufacturing Index, 10:00 CB Leading Index, 10:30 Natural Gas Storage, 12:30 FOMC Member Bullard Speaks. Friday nothing due.
Some earnings for the week (keep in mind companies can change last minute: Tuesday pre market ANF, HD, SKS, TJX, WMT and after the bell ADI, LZB. Wednesday pre market BJ, COCO, DE, STP, TGT and after the bell AMAT, BRCD, HOTT, LTD, NTAP, NTES, PETM. Thursday pre market PLCE, DKS, DLTR, GME, HNZ, ROST, SHLD, SPLS, WSM, and DELL, GPS, HPQ, INTU, MRVL, NDSN, CRM, WTSLA. Friday pre market ANN, SJM, KIRK and nothing after the bell.
