By: Scott Redler

The market tried breaking its upper range three separate times, but some “Junk in the Caboose” held it back each and every time. Lots of technical damage is now showing its stripes.

  • The financials still cannot find a friend–even the BAC money raise was a one-day wonder–this group has been lagging for weeks! GS will be testing the important $163 area. If that does not hold, we could see a quick move down to $160, with bigger support coming in the $155 area. BAC needs to hold the $15 area, otherwise the game is over. JPM will be on the perch of its bigger support area in the $40-41 area.
  • Oil keeps slipping lower and its lower range now has been breached.
  • Recently big cap tech (the bright spot of late) started breaking down–AAPL showed weakness in the low $200 area and is now at $188. Big support sits below in the $185 range.
  • AMZN was a nice short for us a few days back and is back at its breakout zone of $133-135.
  • BIDU is breaking its upper range to the downside and could be pressured back to $400.
  • Gold broke its parabolic move and will be choppy, with bigger support in the $1,080-1,120 zone.
  • If 1,095 does not hold today in the S&P we will see the 1,083-1,085 rather quickly–the next larger area takes us to around 1,076-1,078.