Tuesday opened the week on a down note with the Russell 2000 (RUT) -2.18%, S&P 500 (SPX) -1.14, Nasdaq Composite (COMPX) -1.11  and the Dow -1.02% on the day.  Giving up Friday’s gains and there is still some room until we fall into Thursday’s gap fill.  The markets volume was lighter for the NYSE and heavier for the Nasdaq, futures were all lighter on the day.  The TRIN closed at 2.06 for the 22nd time with an over 2 close on the year.  The VIX closed back over the 200dma at 23.80.  Gold closed up $8.10 to $1259.20 and oil down 51 cents to $74.09 a barrel.

Erasing the gains from Friday brought the Nas Composite back on top of the 50dma and the NDX back just under the 200dma.  The SPX and Dow are still under 200dma and over 50dma’s.  Today just brought us back in range and retraced some of last weeks light volume rise.  Banks and Semi’s were the weakest sectors on the day, which at least didn’t discriminate between tech and financials.  It was equal selling and no one was left out. 

Futures did not test the weekly pivots and only the NQ touched the daily.  That leaves the ES with 4 consecutive days of no pivot test, I looked back and that hasn’t happened all year.  We’ve only missed 2 day one time this year.   Leaving us to hone in on the pivot Wednesday as a rotational ledge and also the weekly are likely to get a look.  With no data in the morning we could see a flat opening and get little movement off the opening.  That would leave us to bracket the first hour and look for a break of that range for follow through on the day. 

Economic data for the week (underlined means more likely to be a mkt mover):   Wednesday 2:00 Beige Book, 3:00 Consumer Credit.  Thursday 8:30 Trade Balance, 8:30 Unemployment Claims, 10:30 Natural Gas Storage, 11:00 Crude Oil Inventories.  Friday 10:00 Wholesale Inventories.

Some earnings for the week (keep in mind companies can change last minute:  Wednesday pre market JTX, TLB, TITN, UNFI, and after the bell MW, GAME, SHFL.  Thursday premarket PNY and after the bell NSM, SWHC.  Friday prêt market BRC, LULU and nothing after the bell.

NQ  (Nas 100 e-mini) Wednesday’s  pivot 1860.75,  weekly pivot 1831.  Support: 1855.25, 1851, 1848, 1841.25, 1839.25 fills gap, 1834.25, 1829, 1824.75.   Resistance: 1860.50, 1864.50, 1867.50, 1871.25, 1879.75-1880.75 78.6%, 1890.25, 1896.50 fills gap, 1913.75 fills gap, 1918