Dow Jones Industrial Average: +126.74 or 1.23% at 10471.58
S&P 500 Index: +13.23 or 1.21% at 1108.86
NASDAQ Composite Index: +31.21 or 1.46% at 2175.81
NYSE Internals: 2436 Advance. 619 Decline.
As I have been saying for a while now, 1113 should serve as good resistance for the SPX. We got evidence of that today. We made it up to 1112.28, then pulled back a little bit. Also, as I have been saying, this choppy action is a lot like the price action we had in early June, when we were stuck around 930-950. Except, we have been stuck between 1090-1110 a lot longer.
This choppy action could also be a phase of distribution. Smart money handing over to dumb money. The key levels to watch for as we continue to churn side ways are 1085 and 1113. Breaking 1085 should bring more downside, to perhaps 1060. Breaking 1113 should produce a strong move to 1120.+
All we have to do is wait and see what the market does after it break out of its range.
US Dollar was down. Crude Oil was up and Gold made new highs again. VIX was down nearly 11% Materials and Tech led to the upside. And once again, the Dow was the only major index to make a new high, although it wasn't by much.
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