Monday Market Wrap

{+++}For the day the SPX/DOW were -0.30%, and the NDX/NAZ were -0.30%. Bonds lost 5 ticks, Crude slipped 25 cents, Gold dipped $3, and the USD was flat. Medium term support remains at the 1680 and 1628 area, with resistance at the 1699 and 1762 area. Tomorrow: the FED starts its FOMC meeting, Case-Shiller at 9:00 and Consumer confidence at 10:00.

The market opened lower today, had a meaningful pullback, then tried to reverse to the upside. Get the impression the next few days, leading up to the FOMC statement, may be the same .Don’t forget that GDP and the big jobs number is also this week.

Expect a choppy week and check the P&L for some stop adjustments.


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