Tuesday closed the day green across the board on the major indexes and volume increased today. An accumulation day while the market is making new highs on the year for the major indexes is what the bulls want to see regularly. The TRIN closed at 1.69, very high for a market rising with that bearish of a TRIN. The VIX closed at 23.32 down .44 on the day. Gold closed up $5.20 at $1006.30 and oil up $1.92 at $70.78 a barrel.
Nasdaq Composite closed at 97 stochastics, RSI at 70, both overbought and the CCI dropped to close with divergence. Nas 100 (NDX) closed at 97.54 stochastics, RSI 70 and again like the COMPX with CCI divergence. The MACD is still flat on both indexes and into the upper Bollinger. S&P 500 (SPX) is still under the upper Bollinger, stochastics at 94.76, flat CCI sitting just over 100 line for support and RSI at 68. The Dow finally joined the other 3 indexes to close at new highs on the year, but all closed off the intraday high, which was also new highs on the year. The Dow’s daily chart is still under the upper Bollinger, stochastics at 92, CCI just over 100 line support and the RSI is only 67. Leaving the SPX and Dow lagging the Nasdaq indexes slightly and not as overbought.
The day closed the 65 minute on each index with a shooting star, we’ll see into tomorrow’s opening if that gets confirmed in the first 65 minutes. Key data is due out Wednesday in the pre market and that is likely to shake things up before we even open. Then we will settle and look for that first candle to set the tone on the day. Monday was a trend day up, Tuesday another up day, Wednesday we need to see something on the bears or the bulls will keep pushing and crawling higher on these tiny pullbacks. Which leaves us to stay on the upside and watch for the bears to send smoke signals to those of us WAITING on a good pullback.
Economic data for the week (underlined means more likely to be a mkt mover): Wednesday 8:30 Core CPI, 8:30 CPI, 8:30 Current Account, 9:00 TIC Long Term Purchases, 9:15 Capacity Utilization Rate, 9:15 Industrial Production, 10:30 Crude Oil Inventories, 1:00 NAHB Housing Market Index, Thursday 8:30 Building Permits, 8:30 Unemployment Claims, 8:30 Housing Starts, 10:00 Philly Fed Manufacturing Index, 10:30 Natural Gas Storage, Friday nothing due out
Some earnings for the week (keep in mind companies can change last minute: Wednesday pre market ZLC, and after the bell APOG, CKR, ORCL. Thursday pre market DFS, FDX, PIR, and after the bell PALM, TSCM. Friday nothing due.
NQ (Nas 100 e-mini) Wednesday’s pivot 1694, weekly pivot 1668.25. Support: 1690.25, 1683, 1678, 1671.50, 1663.25. Resistance: 1696, 1702.25-1704, 1711, 1714, 1719
