friday update

SHORT TERM: financials remain weak, but market stabilizes, DOW +21
Overnight the Asian markets were all lower, Europe opened lower and finished -0.10%. At 8:30 June durable goods orders were reported +0.8%, the largest increase since February. The market opened about unchanged and then rallied to 1263 by 10:00. After a small pullback to 1255, the high was retested again at 11:00. But that was the high for the day. At 10:00 the UofM reported July consumer sentiment had improved from the 28 year low of June. Then at 11:00 RealtyTrac reported foreclosures are on pace to hit a record 3 million this year. By 1:30 the market pulled back to near yesterdays lows at 1252. A small rally followed to 1259 by 3:00, and then the market bounced around some into the close. For the day the SPX/DOW were +0.30%, and the NDX/NAZ were +1.50%. Bonds lost nearly 3/4 points, Crude dropped $2.10, Gold rallied $7.00, and the Euro was higher. Support for the SPX remains at 1240 and then 1219, with resistance at 1261 and then 1287. Short term momentum started rising from yesterdays oversold level, but the near term indicators are still displaying some weakness. Best to your weekend!
MEDIUM TERM: downtrend bottomed at SPX 1200
LONG TERM: bear market

About tony caldaro

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11 Responses to friday update

  1. tony says:

    Hi 2-cents, you may very well be right.
    A washout to 1219 could still provide a double top at 1287.


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