Dow Jones Industrial Average: +65.67 or 0.63% at 10471.50
S&P 500 Index: +4.07 or 0.37% at 1106.42
NASDAQ Composite Index: -0.55 or 0.03% at 2190.31
NYSE Internals: 2023 Advance. 1029 Decline.
US Dollar: +0.49(0.64%) at 76.905 | Crude Oil: -0.80(1.13%) at 69.74
Gold: +-9.80(0.87%) at 1116.0 | VIX: -0.66(2.96%) at 21.66
Markets bounce after better than expected Retail Sales and Consumer Sentiment.
Looks like even good economic data couldn't get this market to break out of it's range. I've been saying for a while now, watch for resistance at 1110, and support and 1100. We tested 1110 once again today, making our high at 1108. But we failed to break it and sold off to test 1100 as support. But we failed to break that too, making the low at 1101. We then bounced around 1105 for the rest of the day.
Volume is contracting very rapidly, and with the holiday coming up, expect it to stay like that. There are really no wave structures to count, or any movement to watch for besides a break of either major support or resistance. Until 1110-1115 get taken out, this market isn't going higher. And until 1095-1100 get taken out by a big margin, the SPX won't breakdown either.
All we can do is wait until the market decides what to do.
The Dow tested it's highs of 10500 today, making a high of 10483 intra-day. The Nasdaq closed negative, despite the Dow being up 0.63% The disconntect between the indices is getting pretty noticable. Early in the rally, the Nasdaq was strong and the Dow was weak. Now it's the opposite. The Dow is making up ground that it lost early in the rally. Once the "catching up" is complete, then we may see all the indices move down together. Speaking of a disconnect, the equities and dollar have also gotten out of sync. The market isn't dropping on a strong dollar like its supposed to. The VIX also continues to drop. Complacency perhaps?
I'm not going to post any new charts today, since basically nothing has changed. I will review the charts over the weekend, and if something interesting sticks out, I will post it here. :)
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