Tuesday closed the day green across the broader markets on mixed volume. The NYSE was lighter than yesterday and the Nasdaq was heavier on the day. Futures came in lighter than Monday’s. The Dow touched new highs for 2009 and had a new closing high on the year. The TRIN closed bullish at 81 and the VIX at 21.92. Gold closed at 1200.20 up $17.90 and oil up $1.18 to $78.46 a barrel.
The market moved back to where we sat before Thanksgiving, filled the gaps that were left open from the 25th and with the exception of the Dow which closed on new highs, the other indexes closed right around the 25th’s close. Cleared the holiday movement and gives December a start with an up day. The SPX is about 5 points off the 2009 highs (1113.9), the COMPX is under 2205.32 2009 highs and the Nas 100 1814.25 2009 highs about 27 points away. The days close left the day with less strength than a higher close would have given us after this advance. Although market breadth was supportive, coming off the highs and leaving those big upper shadows, leaves some question on follow through to the upside on Wednesday.
Futures had a nice day the ES hit a wall at 1111.75, just under the 1112.25 11/16 swing high. The NQ stumbled at 78.6% fib resistance at 1798.50, closing below the resistance leaves us still looking for a pullback. We left a sizable gap below us and recovered the losses from the Dubai credit crisis. The NQ will need to get through 1798.5 to continue onto 1813.75 11/16 swing highs. A pullback through Tuesday’s low would be deeper than the bulls need, that would let us fill the gap we just left open and likely move lower. With the ADP job’s numbers due out early that will help to set the days tone and get the market positioning ahead of the Government’s job’s data on Friday.
Economic data for the week (underlined means more likely to be a mkt mover): Wednesday 7:30 Challenger Job Cuts, 8:15 ADP Non Farm Employment Change, 10:30 Crude Oil Inventories, 12:30 FOMC Member Lacker Speaks, 2:00 Beige Book. Thursday 8:30 Unemployment Claims, 8:30 Revised NonFarm Productivity, 8:30 Revised Unit Labor Costs, 10:00 Fed Chairman Bernanke Testifies, 10:00 ISM NonManufacturing PMI, 10:30 Natural Gas Storage. Friday 8:30 NonFarm Employment Change, 8:30 Unemployment Rate, 8:30 Average Hourly Earnings, 10:00 Factory Orders.
Some earnings for the week (keep in mind companies can change last minute: Wednesday pre market PTRY and after the bell SEAC, SIGM, SNPS. Thursday pre market DLM, TOL and after the bell MRVL, NOVL, ULTA. Friday pre market BIG and after the bell FMCN.
COMPX (Nasdaq Composite) closed +31.21 at 2175.81. Support: 2156.13, 2140.04, 2128.58, 2092.84, 2062.69, 2022.62. Resistance: 2185.78, 2205.32 2009 highs, 2267.66, 2294.18-2300.81.
SPX (S&P 500) closed +13.23 at 1108.86. Support: 1094.64, 1081.66, 1075.34 50dma, 1061.86, 1047.78 Resistance: 1113.69 2009 highs, 1121.44 50% on weekly, 1127.19-1131.86, 1158.76, 1228.74 61.8% on weekly.