Keep watching the SPX 10 month MA, now at 1288.11 as of this writing. The 200 day MA at 1284.84 is in play as well and price bounced off this level a short time ago, maintaining the 200 day MA as support just like the two tests in June. If the high 1280's hold, the indexes will at least stumble along sideways until the verdict with the debt ceiling is known.
Utes are holding up, UTIL now at 432, comfortably above the 412-416 danger zone, so the bulls have breathing room despite this morning's negativity. Copper remaining buoyant as well.
Impressive positive divergence now showing on weekly and daily financial and semiconductor charts, check out XLF, SOX, SMH, they are setting up for big bounces which would be contrary to this mornings negativity. Some traders no doubt bottom fishing in this area.
Markets are at the mercy of the news wires. EOM today.
Last print:
SPX 1289.58
10-month MA 1288.06
200-day MA 1284.83
50-week MA 1258.64
12-month MA 1255.93
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