Tuesday Market Wrap

{+++} Today was a rough one. Here are my thoughts on that.  For the day the SPX/DOW were -0.45%, and the NDX/NAZ were -0.55%. Bonds gained 3 ticks, Crude lost $1.40, Gold rose $7, and the USD was flat. Medium term support drops to the 1841 an 1828 pivots, with resistance at the 1869 and 1901 pivots.

I added two new names today, KNDI and ADEP.  I don’t ever remembering releasing a new idea (ADEP) and had it stop on the same day. The market was chopping along until about 11 AM then got sold hard with the S&P losing about 15 points and it pretty much steamrolled over anything that got in its way.

My very short term support levels on the SPX held today. Lets see if the bulls can step up tomorrow.

There is risk to the 1850 level if it doesn’t hold. See you guys in the trading room tomorrow.

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