The Market opened briefly to the downside, but buyers stepped in quickly to push prices higher. Sellers came into the Market near 2:30pm, but again were chased and the Market finished positive for the session. At the close, the DJIA was up 11 points, the S&P500 up 2, and the Nasdaq100 up 10. Breadth was positive, about 4 to 3 on the NYSE, and volume significantly higher. All three major indices remain positive for the year, and are nearing their highs set in January. While we technically remain sound, expect some resistance near the January highs. The Nasdaq100, Dow Transports and Russell 2000 all closed at new 52 week highs. The Russell 2000 set a new high now for the fourth session. The Financials (NYSEARCA:XLF), closed up .05 to 15.30. Support now at 15.30, 15.10, 15.00, 14.75, and 14.60. Resistance now at 15.40, 15.75 and 16.00. GOLD(NYSEARCA:GLD) dropped for the fourth straight session and closed just below key support to 109.72. Needs to get back above 109.80 to be a buy. The VIX up again, just .7%, to 17.92. Protection remains relatively cheap.
Long term, technicals remain positive and intact. Short term, we continue to trade above recent range and are nearing January highs, with the Nasdaq100 closing at a new 52 week high. Near term, we continue to exhibit strength, but caution is required after the recent run-up and high RSI’S(becoming overbought). Today’s futures(at 8:15am) are slightly positive versus fair value. Economic growth indicators and U.S. Treasury funding remain the key Market movers.
Major Economic Reports Today:
Wholesale Inv.-10:00am Crude Inv.-10:30am Treasury Budget-2:00pm
MAJOR INDICES- Short term support and resistance levels.
DJIA-(close 10564) SP500-(close 1140) N100-(close 1901)
S R S R S R
10540 10650 1135 1143 1900 1920
10500 10704 1130 1150 1880 1927
10453 10725 1124 1158 1875 1935
10387 10080 1120 1160 1863 1950
10355 11000 1115 1161 1860
10336 1114 1175 1850
10200 1106 1180 1845
10150 1100 1200 1840
10069 1089 1838
XLF(Financial Select SPDR)-Closed 15.30. Remains a buy above 15.10. Similar trade UYG, buy above 6.15. FAS(Direxion Financial 3X Leverage)-Closed 84.84. Buy above 83.00.
GLD(SPDR Gold)-Closed 109.72. Closed just below entry point of 109.80. Remains a buy above 109.80. Resistance at 113-113.50.
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