Summer Rally In Full Swing

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For the day the SPX/DOW were +0.60%, and the NDX/NAZ were +0.60%. Bonds gained 7 ticks, Crude added 85 cents, Gold rose $11, and the USD was higher too. Medium term support remains at the 1628 and 1614 area, with resistance at the 1680 and 1699 area. Tomorrow: Wholesale inventories at 10:00, the FOMC minutes at 2:00, then a speech from FED chairman Bernanke just after the close.

The market gapped up for the third day in a row. Then after making a new rally high at SPX 1650, it pulled back six points, and then headed higher. Short term support is now at SPX 1648-1649 and SPX 1636-1640, with resistance at SPX 1658-1667 and the 1680 pivot. Short term momentum hit extremely overbought again today, and ended quite overbought, we’ll see if if we aren’t ready for maybe a 15-20 handle pullback.

We had a some stocks trigger today: TROW, STT, SCTY and RAX

See you guys in the morning.