{+++} For the day the SPX/DOW were -0.35%, and the NDX/NAZ were -0.20%. Bonds gained 10 ticks, Crude dropped $1.20, Gold added $2, and the USD was lower. Medium term support remains at the 1680 and 1628 , with resistance at the 1699 and 1762. Tomorrow: weekly Jobless claims at 8:30.
The market gapped down today for the third time in the past four trading days. Short term support remains at the 1680 and SPX 1658-1667, with resistance at 1699 and SPX 1717.
SPX closed right on the 20 day moving average. It”s a tough call right here and the market may need to test lower levels before we go higher again, but remember, this market has had very shallow and buyable pullbacks as you know.
It was another horrible day for housing stocks as XHB dropped another 1.6%.
Amgen (AMGN) helped the biotech index as it ripped about 7% after announcing that they will finally close the ONXX deal. This was an uncertainty and an overhang on AMGN lately, and it may be ready to go higher now.
TSLA reported a beat after the close and is +10 in aftermarket.
It wouldn’t surprise me to see a snap back rally tomorrow. So far the Nazzy and S&P are holding support, but Russell 2000 and Dow are starting to break some moving average support. Keep em tight and I’ll see you in the morning.