Short and sweet today. If UTIL stays under 452.91, bears are happy. Bulls need to move above 452.91 to bring in market positivity again. If JJC stays above 48, bulls are happy. Bears need to move below 48 to usher in strong market negativity. Market bears want to see the dollar stronger, euro weaker, so the commodities and equities markets are slapped lower. Bulls want dollar weakness to continue since it keeps the higher copper, gold, commodities and equities move in place.
AAPL is key, it is like Atlas holding up the globe, in Apple's case holding up the markets. AAPL is weaker in the early trade. Bulls obviously do not want the AAPL fun to end, since it keeps the tech sector leading the broad markets higher. Bears want to see a stumble, as the AAPL chart a couple messages back shows, since Apple moving lower takes the tech sector lower taking the broad markets lower.
For the SPX starting at 1362, the market bulls need to push up thru 1363.61 (last years closing high) then up to touch the 1368 handle, if so, the bulls will reaccelerate the upside party. Market bears need to lose the 1358 handle, if so, larger block sellers will enter the markets and the indexes will move strongly lower. A move thru 1359-1366 is sideways action.
The dollar, AAPL, UTIL 452.91, JJC 48 and SPX 1358 will show you the broad market direction today.
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