Thursday Market Wrap

For the day the SPX/DOW were +0.30%, and the NDX/NAZ were +0.15%. Bonds gained 3 ticks, Crude added 55 cents, Gold dropped $13, and the USD was lower.

Short term support is now at SPX 1991 and 1973, with resistance at the 2019 and 2070. We have a really big day tomorrow as Yellen speaks at  10 am at Jackson Hole, and then the ECB’s Mario Draghi speaks around 12:30. Dovish comments from both folks could rip this market higher.

We saw new all time closing highs in SPX today and the Nasadq ended flat for the second day on a row.


The DOW had a decent day and the Russell managed to take back its 50 day moving average.

I usually tighten stops when the market nears highs,so we got hit on a couple today. Please note that CBI triggered today.

See you in the morning.


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