Today is Washington's Birthday. Happy Birthday George. Futures are up ahead of the open on the Fed's Bullard's optimistic interview on cable television this morning. Bullard is usually more hawkish but this morning he flaps dovish wings saying the easy money will continue along as far as the eye can see. Today we see if Keybot wants to whipsaw, or not. SPX 1512-1513 is a very important level today where the bulls will accelerate higher and also Keybot would likely flip long in this area. The bears need to push under 1497, which was tested yesterday, if so, the downside will accelerate lower. A move through 1498-1511 is sideways action today.
VIX 15.74 is very important. If volatility stays under VIX 15.74, the bulls will stage a comeback, above and the bears will accelerate the downside in the broad indexes. GTX 4927, RTH 45.50 and SOX 409 are also important. The chips (semiconductor sector) stumbled yesterday so pay attention to the SOX moving forward. JWN and ANF earnings are weak which may hurt the retail sector today. The euro is under 1.32. The 10-year yield is 1.97%. Crude oil 92.85. Copper is up all morning but now leaking negative. The S&P's are pointing to about a seven point pop at the opening bell. Friday buoyancy may come into play this afternoon and typically a low today or Monday should lead to a higher print on Tuesday due to the full moon affects on Monday.
SPX came up and kissed the 20-day MA at 1511, a classic retrace. This pup should roll over here but NYMO is pointing to a bottom. Is 2 days down enough of a correction to spark another rally?
ReplyDeleteSPY gap closed now.
ReplyDeleteYep, that 20-day MA is key. Bulls are pushing higher. The TRIN is 0.84, markets will go up unless TRIN rises.
ReplyDelete