Tuesday Market Wrap

{+++} For the day the SPX/DOW were flat, and the NDX/NAZ were +0.55%. Bonds gained 10 ticks, Crude slipped 20 cents, Gold slid $6, and the USD was lower.

The market opened higher today, pulled back, then retested Monday’s all time high at SPX 1808. The first two trading days of this holiday week suggests we have a market that does not appear interested in going much higher yet, but it is a stock pickers market and there are stocks that are ripping all over the place.

Look for more light volume tomorrow with individual stocks basically going off on their own regardless of what the overall market is doing.

There was good action today in AAPL, BIDU, NFLX, AMZN and other sexy momo names. BIDU put in a high volume reversal today, came within 25 cents of our stop, then proceeded to rally $10.  AAPL was up $10 today after I recommended it yesterday, and so far the chart looks pretty good.

Here are some bullish names that hit the screens today.

Here are some bearish names that hit the screens today.

There are negative divergences on all time frames, which suggests a downturn can occur at any time. That doesn’t mean we rollover and go lower, but it does mean to stay on your toes.

Short term support remains at the 1779  and SPX 1746, with resistance at SPX 1804-1810, SPX 1818, and the 1828.

See you in the morning. As always check the P&L nightly for any changes to stops, entries etc….

We have a full trading day tomorrow and I believe a half day on Friday.




Previous Post
Monday Market Wrap
Next Post
Wednesday Market Wrap

Recent Articles