Last nights blog pinned 1929 as short term resistance, we hit it today (within a few cents) and died a a fast death, about 18 handles from the high of the day to the close. For the day the SPX/DOW were -0.50%, and the NDX/NAZ were -0.45%. Bonds gained 15 ticks, Crude added 65 cents, Gold rose $5, and the USD was higher too.
Short term, the levels remain the same as last night. Short term support is at 1901 and 1869, with resistance at 1929 and SPX 1943.
Most of the European ETF’s are now in correction mode as they are down about 10%, so its hard for us to fight that off right now. Just look at EWG, EWQ, EWP, EWI. Getting messy again and our market is watching Europe one more time. We sanction Russia, Europe sanctions Russia, then Russia sanctions us. A world run by children, but it effects markets. When in doubt the easiest thing to do is sell.
I reentered ARWR today and its back on the P&L and sold 1/2 TOUR for a 20% profit.
See you in the morning.