Commentary and Performance Summary
Due to a conflict schedule, there will be no comments this evening.
The SP-500 has now closed down 5 out of the last 6 trading sessions @ 2075.00 (-6.71 / -0.32%). The Nasdaq-100 finished the day @ 4636.94 (-4.79 / -0.10%) and the Rusell-2000 ended @ 1178.07 (-9.63 / -0.81%).
The VIX closed @ 16.05 (+0.76 / +4.97%).
Treasury rates held firm the 10-Yr closed @ 23.38 (+0.16 / +0.69%) and the 30-Yr @ 31.10 (+0.16 / +0.52%).
The US Dollar Index settled @ 98.90 (-0.28 / -0.28%).
Gold is maintaining support and trading @ 1084.90 (-3.80 / +0.35%). WTI Crude Oil made a short-term double bottom today and closed @ 42.93 (-0.70 / -1.60%).
The Dow Jones Real Estate Index @ 288.74 (+0.54 / +0.19%) held support at its 55-day moving average for a third consecutive day and the Dow Jones Home Construction Index @ 592.72 (+10.79 / +1.85%) has regained support of its 22 and 55 day moving averages and broken its short-term downtrend.
Market Condition
Even though the SP-500 is resilient, the bears are starting to take more ground in their tug-of-war against the bulls. The next big test will be at the 22-day moving average, which if violated could most likely see stocks test the 2050-2052 area for support.
Stay Hillbent for the Market Direction…
Daily Chart Analysis
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