Wednesday Market Wrap


For the day the SPX/DOW were +0.05%, and the NDX/NAZ were mixed. Bonds gained 4 ticks, Crude lost 40 cents, Gold rallied $19, and the USD was lower.  The market gapped down at the open for the second day in a row today. The low, however, was made just minutes into the open at SPX 1911.

Short term support is at SPX 1911 and 1901, with resistance at 1929 and SPX 1943.

SPX managed to hold that 100 day moving average.


It was a boring and choppy today. The pre-market got a little scary as the S&P futures hit the 1903 level.  The SPX did manage a rally of about 17 handles off the 10am lows. We closed about 7 handles off the highs. So we are still seeing strength getting sold a bit. Hopefully that will change soon as we try and grind out a bottom.

Financials and tech still act poorly, and there is an isolated move here and there, but nothing to hang your hat on yet.

Unfortunately after a great earnings report yesterday, AKRX failed today and stopped out.

ARWR also broke 11.50 nd stopped. I will probably re-add this one soon, I like it a lot, but in this market environment its sometimes best to take your medicine. If you are still long the stock need to hold the 11-11.25 level. That is support.

See you in the morning.



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