Dow Jones Industrial Average: +34.92 or 0.34% at 10344.84
S&P 500 Index: +4.14 or 0.38% at 1095.63
NASDAQ Composite Index: +6.16 or 0.29% at 2144.60
NYSE Internals: 1752 Advance. 1285 Decline.
Pretty volatile day. Sell off in the morning, then a recovery rally back into the close.
We continue to see the markets bounce around the 1100 area. Very similar action to early June. Markets have wide intra-day ranges, but on a closing basis have gone virtually no where. As I posted in my weekend update, we are at a zone of very heavy resistance. As expected, the markets are going to stall at this long term resistance on the Dow. I still believe we are going to churn sideways here before the markets produce another big move.
The key support levels to watch are 1083 and then 1060 on the SPX. If we break these levels, there is a good chance we continue downward. For the upside, the only key resistance to watch for is 1113. If we break this, we may be headed higher to 1120.+
The H&S pattern I posted about a while ago is still in play, but it may be a bit more complex than before. The target still remains 1060.
US Dollar was down today. Crude Oil was up and Gold was relatively flat. VIX ended up being negative for the day. Financials led to the upside.
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