After testing SPX 1350 for about 2 weeks, the market pushed above 1360 yesterday, getting to a intraday high of 1367.76. But, today, the market struggled to find a direction. Still, dip-buyers kept buying the dips. This market would not succumb to the temptation of profit-taking. Techs and financials were weak today. CYMI was down 2.95% and FNSR lost 2.04%; while GS slipped 1.95% and C gave up 3%. However, both MA and V recorded new all-time highs today.
Yesterday, CMCSA announced its own streaming video service, yet another challenge to NFLX's business. NFLX did a U-turn from $125 yesterday morning, to close at $112.4 today, hitting a low of $108.54 intraday. DELL fell 5.82% after reporting a disappointing quarter yesterday. After the market today, HPQ gave a similar outlook; its shares fell just 1.21%.
The Dow was down 27.02 points; SPX slid 4.55 points; Nasdaq lost 15.4 points:
GLD (gold) popped +1.12%, while GDX (gold miners) added +1.81%. SOXX (semiconductors) was down 0.46%. FDN (internet) lost 1.13%. OIH (oil services) advanced +1.88%.
SPX slid 4.55 points to close at 1357.66, slightly below 1360. Daily MAs were little changed and the MACD slid.
Nasdaq fell 15.4 points to close at 2933.17. it fell to its 10-day MA. Its MACD slipped.
SPX and Nasdaq both slipped today, but, VIX did not change at all! While financials and tech were weak today, energy stocks kept things going, as oil stayed strong. Gold pushed higher and this pop could be a breakout move. Silver may be looking to make a move up as well. People have been calling this rally "toppy" for a while now, but, this market just won't pull back! This little slip today does not even make a noticable dent to the rally. Even if the market gets a bigger drop that can be considered as a "pullback", the support is not that far away. SPX 1340 is the immediate support, if the market falls to that level. Dip-buyers have got their "buy" order ready at every little dip. We were holding on to lots of cash until this market is ready to push higher again.
Good night and HappyTrading! ™