{+++} For the day the SPX/DOW were -0.25%, and the NDX/NAZ were +0.15%. Bonds lost 17 ticks, Crude dropped $2.00, Gold slid $21, and the USD was higher. Medium term support remains at the 1680 and 1628 areas, with resistance at the 1699-1700. Tomorrow: weekly Jobless claims and Durable goods orders at 8:30.
Current short term support is at the 1680 range, with good support at the SPX 1658-1667 range. Resistance remains at the 1699 pivot and SPX 1713. Short term momentum was quite oversold at today’s low.
Whenever things get choppy near the highs I have a tendency to sell first and ask questions later , so I made some sales today on the P&L. Check it out if you’re following at home.
Bottom line is that the SPX held its 10 day moving average today, so maybe that’s all we get for now to the downside. Wouldn’t surprise me. Anyway, I added some TZA today just in case there is any follow through to the downside tomorrow.
See you in the morning.