Dow Jones Industrial Average: +30.46 or 0.29% at 10437.42
S&P 500 Index: +1.02 or 0.09% at 1110.32
NASDAQ Composite Index: +5.93 or 0.27% at 2203.78
NYSE Internals: 1351 Advance. 1656 Decline.
Market ends relatively flat on a sideways consolidation day.
Most of the day was choppy action. Sideways and boring with no volume. Seems like a wave 4 of some degree. Which means we should see a new high soon. As I said yesterday, we would need to move sideways to a little down before seeing new highs. We tested 1100 as support, held it and bounced from there. We may see 1120 soon.
The key level to watch will be 1122. If we sell off once we get there, we may be at a short term top and may pullback a little. If we break right through it the first time, we will be breaking some major resistance. The next target after 1122 is 1158. The the bears can manage to sell off the market tomorrow, we need to break down below 1100, then 1086. If we can break both of these to the downside, we may continue down to test other the next support at 1060.
Tomorrow's CPI numbers could cause a big move in the Dollar. The housing starts also come out tomorrow.
US Dollar bounced today. Crude and Gold were both flat. VIX was down. No clear leader in the market today, as most of the major sectors were mixed.
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