Morning Primer 6/26/13

{+++} The market managed a bounce yesterday, but the technicals are still in weak shape.  The market gapped up at the open yesterday, exceeded yesterday’s SPX 1586 rebound high, pulled back to 1573, then made a higher high heading into the close.

Short term support rises to the 1576 and 1552 pivots, with resistance at SPX 1593-1599 and the 1614 pivot.

There are still some good looking charts around, but I still expect chop with volatility, so its tough to trade. Still waiting and watching here for the most part.

Gold is collapsing again.  The only data on the docket is a final revision to first-quarter gross domestic product figures, due at 8:30 a.m.

Stocks in Hong Kong and Australia rose, but shares in Shanghai extended losses as interbank money market rates remained elevated.

See you in the chat.


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