US Market Update US indices are higher today with SPX (+0.35%),...

US Market Update

US indices are higher today with SPX (+0.35%), IXIC (+0.61%), Dow (+0.16%) and RUT (+0.65%).

The SPX (2850.40) was stopped intraday very near the top of the gap that separates 29 and 30 Jan action. NYSE breadth: 1.28:1 and NASD breadth: 2.55:1.

The bulls have made some decent headway toward R3 and 2857. The SPY actually did touch its own R3 in the form of 284.98 at mid session. Support profile for Monday shifted and the largest support became 2825, a point that the bulls needed to maintain as of Friday's closing profile. That is moot now that the market has closed for the day but the level deserves watching the for the rest of the week. While SPX closed above 2846, not sure it should be considered a support point in hedging terms. 2835 is also in limbo until bulls can maintain it. If the bulls can continue, the strongest weekly resistance point after 2857 is now roughly 2865. SPX 30 minute update.

NYSE MOC: 216M to sell and 329M to buy yields +113M on balance, most of which was for the SPX. Leading the buy side was W, MO, USB, TJX and XOM. Leading the sell side was HON, RCL, BRK.B, WAT and FB. The sector aspect of that number was led on the upside by Energy, Financials and Technology.

Debt
Treasuries gained on the long end receded a bit on the short end. The 2-year (+1 bp to 2.65%) to 10-year (-2 bps to 2.94%) spread closed by 3 points to 29 bps. The 2-year to 30-year (-1 bps to 3.08%) spread is now at 43 bps.

Incoming
There is no high impact economic data for tomorrow. JOLTS job openings at 10:00 ET and Consumer Credit at 15:00 ET.

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