Tuesday Market Wrap

{+++} For the day the SPX/DOW were +0.25%, and the NDX/NAZ were +0.40%. Bonds lost 30 ticks, Crude added 40 cents, Gold dropped $14, and the USD was higher. Medium term support remains at 1680 and 1628 , with resistance at 1699 and 1762. Tomorrow: the PPI at 8:30.

Short term support is at 1680 and SPX 1658-1667, with resistance at the 1699  and 1717.

Today QCOR and YELP triggered and I took some off on CAT.

People are so accustomed to the market going up every day that when we see a prolonged pause, the bears come out and start talking potential Hindenburg tragedies. Anything can happen, and the longer we stay in a tight range anything can happen, both bullish or bearish. At this stage its the first guy who blinks hard that will determine the next leg.

I’m starting to think the Japanese Yen maybe starting to get overbought and the Nikkei may be short term oversold again. Lets keep an eye on YCS and DXJ going forward. We’re still long DXJ from early April.

Solar stocks had their fun in the sun I think and all look lower again. See FSLR, SCTY, CSIQ, SPWR etc….avoid like plague for now.

The banks are chopping with no real direction right now. XLF

There is no reason to be heavily exposed here, trade light and wait for direction, It will come soon enough.

Have a great night.




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