Closing Update US Indices on the close. Small cap levels are...

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Diver Dan

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13/07/18

06:20

Post #: 34315227
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Originally posted by Diver Dan ↑

US Market Late Session Update

Good morning,

US Indices are up with a few hours left to go. Bulls are happy again.

A-D lines and NYSE breadth 2.05:1 are above the neutral zone but not exactly strong. TICK has been flattish and weakening a bit now. NYMO is not showing much strength.

First strong support for SPX comes at tomorrow's convergence and much larger emergency support can be found at 2740. Resistance remains at 279/2795 for Friday. Derivatives balance has shifted to the protection side since yesterday. If price does not go much higher, then 278/2785 is best closing price for tomorrow. That might change somewhat as the day goes on. SPY 30 minute update

Oil is down a bit today and has bounced from its 50 day moving average after yesterday's trade-related commodity crush.

US CPI came in weaker than expected at 0.1% for June but is up 2.9% year over year, the highest since Feb 2012. June Core CPI was up as expected at 0.2% and 2.3% year-over-year against the May reading of 2.2%. Although not the Fed's preferred measure of inflation, this report supports current wage growth and inflation expectations.

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Closing Update

US Indices on the close. Small cap levels are probably not fully settled yet.

The bulls managed to get price above 2795. If they can open higher and stay higher, then 280/2805 is in play and resistance decreases from there. If they open or drift lower than 279/2795 then the convergence level is in play. Please note that these levels can be overcome by news etc. There is no high impact econ data tomorrow. SPY 30 minute view.

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Last edited by Diver Dan: 13/07/18

XAO Value at posting: 6,349.8
11 Upvote

0 Great analysis

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