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Intraday Market Notes & Observations
Russell 2000 powers to record high; Sugar (SGG), uranium (URA) violate major support; Silver, gold miners testing support
April 26, 2017

1:25 pm ET: Intraday support/resistance:
SPX 2388/2400 (!)
DTX 918.1/927.9
DJIA 20995/21080
Nasdaq 6022/6041
RUT 1409.8/1425.4
VIX 10.45/10.95 (bullish, but VIX nearing 10 is contrarian)
Trin range: 0.95 - 1.35 (neutral to bearish)
Average VWAPs: +84/-62 (bulls with the edge; sell-off continues in rails; buying in resorts, aero & defense, regional banks)

Major rally in tech stocks push Nasdaq above 6000; Volatility sinks into contrarian territory; Transports sell off
April 25, 2017

1:40 pm ET: Intraday support/resistance:
SPX 2381.2/2393.2
DTX 924.8/931.8
DJIA 20910/21040
Nasdaq 6003/6041
RUT 1400.1/1417.7
VIX 10.15/11.15 (falling VIX is bullish but VIX nearing 10 is extremely contrarian)
Trin range: 1.15 - 1.45 (bearish)
Average VWAPs: +69/-57 (buying in internet, medical devices; selling in transports (this is a contrarian sign))

Euro stocks, consumer discretionary soar; Volatility, dollar, bonds plummet on results of French election
April 24, 2017

2:10 pm ET: Intraday support/resistance:
SPX 2369.2/2375.2
DTX 923.5/928.1
DJIA 20725/20790
Nasdaq 5870.3/5983.7
RUT 1380.5/1400.2
VIX 11/12 (falling VIX is bullish; VIX under 15 means bulls are back in control)
Trin range: 0.85 - 1.15 (falling Trin is bullish)
Average VWAPs: +66/-54 (bulls with the edge but trading volume is remarkably light; sell-off in REITs)

Volatility jumps ahead of this weekend's French election
April 21, 2017

1:55 pm ET: Intraday support/resistance:
SPX 2343.9/2356.1
DTX 907.2/915.8
DJIA 20500/20600
Nasdaq 5891/5919
RUT 1374.8/1384.6
VIX 14/15.35 (rising VIX is bearish; VIX moving back over 15 means bears are stepping back in)
Trin range: 1.05 - 1.35 (bearish)
Average VWAPs: +40/-83 (moderately bearish; selling in healthcare/biotech/pharma; buying in machinery names)

Bulls march back in, pushing Internet (PNQI) & Consumer Discretionary (XLY) to record highs; Ag commodities (JO, NIB, WEAT) continue to weaken
April 20, 2017

1:55 pm ET: Intraday support/resistance:
SPX 2341/2359.8
DTX 904.4/916.4
DJIA 20405/20635
Nasdaq 5880/5923
RUT 1368.4/1386.4
VIX 14/14.8 (under 15 is bullish)
Trin range: 0.75 - 1.05 (bullish)
Average VWAPs: +124/-31 (very bullish; rotation continues out of energy producers/services and into health science equipment/tools, aero & defense, and consumer discretionary)

Cocoa (NIB) melting to record low
April 19, 2017

1:10 pm ET: Intraday support/resistance:
SPX 2340.5/2352.6
DTX 897.3/905.7
DJIA 20445/20545
Nasdaq 5865/5895
RUT 1361.4/1376.7
VIX 13.45/14.6 (under 15 is bullish)
Trin range: 1.05 - 1.55 (bearish to contrarian)
Average VWAPs: +38/-72 (rotation out of energy producers/services and into health science equipment/tools)

Flight to safety as gold gains & treasuries pop above major resistance
April 18, 2017

1:50 pm ET: Intraday support/resistance:
SPX 2332.6/2348.4
DTX 888.8/899.2
DJIA 20450/20600
Nasdaq 5820/5860
RUT 1349.1/1359.9
VIX 14.4/15.5 (bull/bear dividing line)
Trin range: 0.8 - 1.3 (bullish to moderately bearish)
Average VWAPs: +44/-51 (low trading volume; selling in riskier areas--biotech, internet, defense)

REITS, Yen jump; Bulls tip-toe back in as volatility sinks
April 17, 2017

2:00 pm ET: Intraday support/resistance:
SPX 2332.5/2344.5
DTX 887.7/899.3
DJIA 20485/20615
Nasdaq 5818/5847
RUT 1345.3/1356.7
VIX 14.75/15.75 (falling VIX is bullish; VIX sinking below 15 means bulls are stepping back in)
Trin range: 0.8 - 1.05 (moderately bullish)
Average VWAPs: +48/-38 (low trading volume)

***The Stock Market Cook Book is off enjoying the holiday. We will return Monday, April 17th. Hoppy Easter!***
April 13, 2017

Volatility continues to rise as bears step in
April 12, 2017

1:30 pm ET: Intraday support/resistance:
SPX 2340.3/2352.7
DTX 900.8/915.5
DJIA 20555/20645
Nasdaq 5826/5868
RUT 1359.1/1376.9
VIX 15.8/16.2 (rising VIX is bearish and VIX above 15 means bears are stepping)
Trin range: 0.65 - 1.2 (falling Trin is bullish)
Average VWAPs: +27/-77 (moderately bearish on light pre-holiday trading volume)

Gold (GLD, IAU) breaks out in a flight to safety; Volatility jumps to post-election high
April 11, 2017

1:55 pm ET: Intraday support/resistance:
SPX 2337.2/2355.2
DTX 903.2/914.8
DJIA 20515/20685
Nasdaq 5819/5881
RUT 1360.5/1374
VIX 14.4/16 (rising VIX is bearish and VIX rising above 15 means bears are stepping)
Trin range: 1.15 - 1.45 (bearish)
Average VWAPs: +68/-33 (bulls with a slight edge)

Andean countries (ARGT, ECH) climb to new highs; Uranium (URA) sparks higher; Volatility rises
April 10, 2017

1:35 pm ET: Intraday support/resistance:
SPX 2347.6/2366.4
DTX 908.6/912.8
DJIA 20585/20750
Nasdaq 5858/5908
RUT 1357.8/1376.6
VIX 12.95/14.25 (rising VIX is bearish but VIX below 15 is overall bullish)
Trin range: 0.75 - 1.25 (bullish to slightly bearish)
Average VWAPs: +48/-43 (light trading volume on this holiday shortened week)

Cotton (BAL) tumbles below major support
April 7, 2017

1:35 pm ET: Intraday support/resistance:
SPX 2350.7/2362.2
DTX 907.6/914.4
DJIA 20610/20715
Nasdaq 5856/5893
RUT 1358/1368.5
VIX 12.15/13.45 (rising VIX is bearish but VIX below 15 is overall bullish)
Trin range: 0.8 - 1.15 (bullish to neutral)
Average VWAPs: +67/-44 (bulls with the edge, for now)

India, Frontier Markets (EPI, PIN, INDY; FM) march to new highs
April 6, 2017

1:35 pm ET: Intraday support/resistance:
SPX 2349/2365.2
DTX 907.7/917.7
DJIA 20610/20770
Nasdaq 5856/5890
RUT 1349.3/1362.7
VIX 11.6/12.6 (bullish)
Trin range: 0.8 - 1.1 (bullish to neutral)
Average VWAPs: +106/-29 (bullish; stocks rebounding from yesterday's closing drop)

Nasdaq, Consumer Discretionary on track to close at record highs; Base metals jump
April 5, 2017

1:50 pm ET: Intraday support/resistance:
SPX 2366.6/2379.8
DTX 912.3/923.3
DJIA 20745/20925
Nasdaq 5910/5940
RUT 1364.7/1381.3
VIX 10.85/11.4 (falling VIX is bullish; VIX nearing 10 is becoming contrarian)
Trin range: 0.65 - 1.15 (bullish to neutral)
Average VWAPs: +59/-50 (neutral)

Sugar (SGG) spirals downward; Coal (KOL) rises to new high; Tesla, Amazon (TSLA, AMZN) continue to soar into the stratosphere
April 4, 2017

2:05 pm ET: Intraday support/resistance:
SPX 2350.7/2361.3
DTX 905.3/911.3
DJIA 20605/20725
Nasdaq 5879/5903
RUT 1365/1374
VIX 11.9/12.8 (falling VIX is bullish; VIX under 15 is overall bullish)
Trin range: 0.7 - 1.1 (falling Trin is bullish)
Average VWAPs: +50/-64 (bearish)

Volatility jumps as political jitters rise; Tesla (TSLA) breaks out to all time high
April 3, 2017

2:15 pm ET: Intraday support/resistance:
SPX 2344.1/2365.9
DTX 902.3/916.7
DJIA 20520/20690
Nasdaq 5866/5929
RUT 1366.3/1388.7
VIX 12.25/13.65 (rising VIX is bearish but VIX under 15 is still overall bullish)
Trin range: 1.0 - 1.5 (bearish)
Average VWAPs: +38/-89 (bearish)

Lithium (LIT) pops to new yearly high
March 31, 2017

1:40 pm ET: Intraday support/resistance:
SPX 2362.6/2371.4
DTX 911.5/915.5
DJIA 20675/20725
Nasdaq 5902/5932
RUT 1380.1/1389.9
VIX 11.7/12.4 (rising VIX is bearish but VIX under 15 is overall bullish)
Trin range: 0.8 - 1.05 (bullish to neutral)
Average VWAPs: +66/-32 (mildly bullish)

Oil (USO, OIL) trying to push above resistance as oil moves over $50/barrel
March 30, 2017

1:50 pm ET: Intraday support/resistance:
SPX 2358.6/2372.4
DTX 907.2/917.8
DJIA 20645/20765
Nasdaq 5894/5916
RUT 1372/1381.4
VIX 11.1/11.7 (bullish)
Trin range: 0.8 - 1.1 (bullish to neutral)
Average VWAPs: +59/-49 (low volume on both sides)

Coal (KOL) on track to close at new yearly high;Amazon, Computer Sciences Corp (AMZN, CSC) hit all-time highs
March 29, 2017

1:45 pm ET: Intraday support/resistance:
SPX 2353/2364
DTX 903.3/911.5
DJIA 20625/20675
Nasdaq 5871/5899
RUT 1363.3/1373.3
VIX 11/11.7 (falling VIX is bullish)
Trin range: 0.75 - 1.0 (bullish)
Average VWAPs: +62/-40 (bullish to neutral; volume drying up)

Europe, Andean country funds rise to new highs; Priceline, Facebook, Apple (PCLN, FB, AAPL) hit all-time highs
March 28, 2017

1:50 pm ET: Intraday support/resistance:
SPX 2337.6/2360.4
DTX 892.4/909.6
DJIA 20520/20700
Nasdaq 5829/5877
RUT 1352.5/1367.5
VIX 11.2/12.6 (falling VIX is bullish)
Trin range: 0.75 - 1.0 (bullish)
Average VWAPs: +107/-38 (bullish)

Euro (FXE) breaks out as Greenback (UUP) breaks down
March 27, 2017

1:45 pm ET: Intraday support/resistance:
SPX 2322.3/2347.7
DTX 879.8/897.4
DJIA 20410/20610
Nasdaq 5770/5858
RUT 1335/1361
VIX 12.65/14.85 (rising VIX is bearish but VIX under 15 is bullish overall)
Trin range: 0.75 - 1.15 (falling Trin is bullish)
Average VWAPs: +117/-43 (bulls buying the dips)

Soybean etf (SOYB) violating major support; Markets waiting on impending healthcare vote
March 24, 2017

1:50 pm ET: Intraday support/resistance:
SPX 2345.2/2356.2
DTX 891.7/899.3
DJIA 20600/20720
Nasdaq 5828/5859
RUT 1354.5/1363.5
VIX 12.25/13.25 (VIX under 15 is bullish)
Trin range: 0.85 - 1.3 (bearish)
Average VWAPs: +43/-55 (continuing lackluster action on both sides; market is likely waiting on the healthcare vote)

Palladium (PALL) notches a new yearly high
March 23, 2017

1:30 pm ET: Intraday support/resistance:
SPX 2343/2363
DTX 895.7/905.5
DJIA 20620/20780
Nasdaq 5807/5843
RUT 1343.3/1363.7
VIX 12.2/13 (VIX under 15 is bullish)
Trin range: 1.4 - 1.6 (very bearish/contrarian)
Average VWAPs: +47/-50 (lackluster action on both sides; market is likely waiting on the healthcare vote)

Yen (FXY) jumps above major resistance
March 22, 2017

1:45 pm ET: Intraday support/resistance:
SPX 2236.5/2351.5
DTX 890.2/897.8
DJIA 20580/20685
Nasdaq 5782/5826
RUT 1332.4/1348.6
VIX 12/13 (rising VIX is bearish but VIX under 15 is overall bullish--for now)
Trin range: 0.5 - 0.9 (falling Trin is bullish but VIX nearing 0.5 is contrarian (bearish))
Average VWAPs: +63/-49 (fairly lackluster action on both sides)

Transport index slices through major support as financials, tech, biotech lead the sector sell-off
March 21, 2017

2:05 pm ET: Intraday support/resistance:
SPX 2243/2382
DTX 890.7/913.3
DJIA 20650/20970
Nasdaq 5800/5928
RUT 1350/1390
VIX 10.9/12.9 (rising VIX is bearish but VIX under 15 is overall bullish--for now)
Trin range: 0.8 - 1.2 (rising Trin is bearish)
Average VWAPs: +36/-193 (extremely bearish)

Cocoa (NIB) heats up while Sugar (SGG) sours; Asia, Emerging Markets jump/Europe slumps
March 20, 2017

2:10 pm ET: Intraday support/resistance:
SPX 2371.4/2381.6
DTX 909/916.8
DJIA 20895/20960
Nasdaq 5892/5918
RUT 1382.5/1392.5
VIX 11/11.45 (bullish)
Trin range: 0.75 - 1.1 (bullish)
Average VWAPs: +38/-64 (mildly bearish; low trading volume)

Healthcare, biotech take a hit
March 17, 2017

2:10 pm ET: Intraday support/resistance:
SPX 2377.6/2385
DTX 914.7/919.3
DJIA 20910/20960
Nasdaq 5890/5912
RUT 1380.7/1390.7
VIX 10.7/11.3 (bullish/contrarian)
Trin range: 1.1 - 1.8 (extremely bearish to contrarian)
Average VWAPs: +85/-54 (bulls currently with the edge)

Mexico, Far East, Europe, Emerging Market funds jump; Homebuilders, Internet/Tech notch new yearly highs
March 16, 2017

2:10 pm ET: Intraday support/resistance:
SPX 2377/2388
DTX 915.5/923.5
DJIA 20880/21000
Nasdaq 5883.5/5911.5
RUT 1382.2/1389.8
VIX 11.2/11.6 (bullish)
Trin range: 1.1 - 1.3 (bearish)
Average VWAPs: +51/-63 (bull/bear seesaw)

Healthcare hits new yearly high as markets wait on the Fed
March 15, 2017

1:10 pm ET: Intraday support/resistance:
SPX 2369/2379
DTX 908.2/922.8
DJIA 20860/20920
Nasdaq 5858/5882
RUT 1363.4/1378.6
VIX 11.55/12.25 (falling VIX is bullish)
Trin range: 0.85 - 1.2 (falling Trin is bullish)
Average VWAPs: +67/-30 (bulls with the edge, but trading is fairly quiet ahead of the Fed)

Cocoa (NIB) rebounds off all time low; Volatility rises ahead of the Fed
March 14, 2017

2:30 pm ET: Intraday support/resistance:
SPX 2357.5/2368.5
DTX 907.9/923.1
DJIA 20785/20875
Nasdaq 5830/5860
RUT 1351.9/1369.1
VIX 11.75/12.65 (rising VIX is bearish but VIX under 15 is still bullish overall)
Trin range: 1.05 - 1.6 (bearish to contrarian)
Average VWAPs: +61/-50 (bull/bear seesaw)

India, China funds soar; Treasuries slump--some to 2 year lows
March 13, 2017

2:10 pm ET: Intraday support/resistance:
SPX 2367.2/2374.2
DTX 921.3/930.7
DJIA 20815/20925
Nasdaq 5861/5874
RUT 1364.7/1373.3
VIX 11.4/12.1 (bullish)
Trin range: 0.95 - 1.2 (neutral to bearish)
Average VWAPs: +58/-52 (not a lot of conviction on either side)

European stocks, currencies rally; US banks, semis falter
March 10, 2017

1:55 pm ET: Intraday support/resistance:
SPX 2361.7/2376.9
DTX 920.6/927.8
DJIA 20810/20940
Nasdaq 5827/5873
RUT 1355/1369
VIX 11.55/12.1 (falling VIX is bullish)
Trin range: 0.8 - 1.2 (neutral to bearish)
Average VWAPs: +46/-78 (tilt towards the bears)

Investors push the Sell button on Russia & China
March 9, 2017

Market Notes 1:50pm ET: It appears as if investors are pulling the plug on the long Russia and long China trades. Both the Russia large cap fund (RSX) and the Russia small cap fund (RSXJ) as well as the China large cap fund (FXI) have all broken major support levels. Investors and traders with some appetite for risk can consider going long the triple levered short funds: Russia bear (RUSS) and China bear (YANG).

1:40 pm ET: Intraday support/resistance:
SPX 2361/2369
DTX 922.3/930.7
DJIA 20830/20900
Nasdaq 5828/5856
RUT 1365/1371
VIX 11.55/12.15 (bullish)
Trin range: 0.8 - 1.1 (rising Trin is bearish)
Average VWAPs: +44/-89 (bearish)

Oil, bonds, real estate tumble
March 8, 2017

2:10 pm ET: Intraday support/resistance:
SPX 2365.8/2373.2
DTX 927.7/933.3
DJIA 20870/20950
Nasdaq 5836/5863
RUT 1371/1382
VIX 11.1/11.6 (bullish)
Trin range: 0.65 - 0.85 (falling Trin is bullish)
Average VWAPs: +61/-85 (bull/bear seesaw)

Gold (GLD, IAU), telecom (VOX, IYZ) fall below support
March 7, 2017

2:15 pm ET: Intraday support/resistance:
SPX 2367/2375
DTX 933.4/941.6
DJIA 20900/20970
Nasdaq 5828/5860
RUT 1377.4/1383.6
VIX 11.0/11.6 (bullish)
Trin range: 0.7 - 1.15 (neutral to mildly bullish)
Average VWAPs: +47/-58 (tepid action)

Uranium (URA) implodes; Dow slips back under 21000
March 6, 2017

2:00 pm ET: Intraday support/resistance:
SPX 2368/2380
DTX 935.5/944.7
DJIA 20910/20975
Nasdaq 5828/5853
RUT 1377.3/1392.3
VIX 11.25/11.75 (bullish)
Trin range: 1.0 - 1.4 (bearish)
Average VWAPs: +63/-42 (not much action on either side)

Mexico funds (EWW, MXF) jump the wall of resistance
March 3, 2017

2:30 pm ET: Intraday support/resistance:
SPX 2375.4/2383.6
DTX 940/951
DJIA 20950/21040
Nasdaq 5842/5869
RUT 1388/1399
VIX 11.2/11.8 (bullish)
Trin range: 0.55 - 0.9 (falling Trin is bullish but Trin nearing 0.5 is becoming contrarian)
Average VWAPs: +70/-55 (bull/bear seesaw)

Silver (SLV), Loonie (FXC), and Aussie $ (FXA) head south
March 2, 2017

2:00 pm ET: Intraday support/resistance:
SPX 2381.2/2394.8
DTX 943/957
DJIA 21030/21130
Nasdaq 5868/5897
RUT 1398.8/1413.2
VIX 11.7/12.2 (bullish)
Trin range: 0.9 - 1.15 (neutral)
Average VWAPs: +60/-75 (selling off: banks; buying into: biotech, healthcare)

Market on fire as Trump talk pushes indices to record highs
March 1, 2017

1:50 pm ET: Intraday support/resistance:
SPX 2380/2405
DTX 948.1/965.9
DJIA 20955/21175
Nasdaq 5866/5910
RUT 1389.1/1420.9
VIX 11.75/12.35 (falling VIX is bullish)
Trin range: 0.75 - 1.05 (falling Trin is bullish)
Average VWAPs: +95/-52 (bullish)

Loonie (FXC) takes a nose dive; Cocoa (NIB) retests all time low
February 28, 2017

2:00 pm ET: Intraday support/resistance:
SPX 2359/2369.4
DTX 941.3/949.5
DJIA 20780/20850
Nasdaq 5815/5855
RUT 1387.1/1406.9
VIX 12.15/12.95 (rising VIX is bearish but VIX under 15 is bullish overall)
Trin range: 0.8 - 1.1 (neutral)
Average VWAPs: +59/-84 (mildly bearish)

Defense contractors lift off on proposed beefed up defense budget
February 27, 2017

1:50 pm ET: Intraday support/resistance:
SPX 2361.9/2371.1
DTX 937/946
DJIA 20775/20845
Nasdaq 5827/5854
RUT 1392.2/1409
VIX 11.35/12.1 (bullish)
Trin range: 0.8 - 1.0 (falling Trin is bullish)
Average VWAPs: +76/-43 (moderately bullish; heavy buying in defense contractors and in some biotech names)

Gold pops above resistance while miners, base metals tumble; Tobacco lights up
February 23, 2017

2:25 pm ET: Intraday support/resistance:
SPX 2355/2368
DTX 931.5/948.5
DJIA 20750/20850
Nasdaq 5803/5867
RUT 1384.5/1406.5
VIX 11.65/12.45 (bullish)
Trin range: 0.85 - 1.25 (neutral to bearish)
Average VWAPs: +66/-87 (rotation out of miners, machinery and into consumer staples, esp. tobacco (RAI & PM popping to new yearly highs))

Miners slipping under first line of support
February 22, 2017

2:10 pm ET: Intraday support/resistance:
SPX 2358.3/2365.7
DTX 937.3/949.7
DJIA 20695/20795
Nasdaq 5848/5870
RUT 1399.9/1410.1
VIX 11.4/12.1 (bullish)
Trin range: 0.95 - 1.2 (rising Trin is bearish)
Average VWAPs: +59/-66 (bull/bear teeter-totter)

Tech goes to town; Solar flares up; Real estate ramps up
February 21, 2017

1:55 pm ET: Intraday support/resistance:
SPX 2354.9/2367.1
DTX 946.9/954.1
DJIA 20665/20755
Nasdaq 5837/5868
RUT 1400.7/1410.4
VIX 11.55/11.95 (bullish)
Trin range: 0.7 - 1.0 (bullish)
Average VWAPs: +56/-74 (bulls by a hair)

Risk-off is the flavor of the day as markets relatively quiet ahead of 3 day weekend
February 17, 2017

1:50 pm ET: Intraday support/resistance:
SPX 2339.6/2345.8
DTX 940.8/948
DJIA 20525/20585
Nasdaq 5801/5825
RUT 1392/1399.5
VIX 11.35/12.25 (falling VIX is bullish)
Trin range: 0.8 - 1.2 (mildly bullish to slightly bearish)
Average VWAPs: +82/-53 (bulls with the edge--for now)

Market takes a step back to digest gains
February 16, 2017

Today's Market at a Glance:
Commodity Break-outs: Molybdenum miner General Moly $GMO jumping 16%, gapping above previous resistance on >2x volume. Zach's recently upgraded the stock from a Sell to a Hold.
Global Fund Break-outs: Egypt $EGPT staging an island reversal off a three month consolidation pattern. Stock +2.3% today on 2x normal volume.

2:00 pm ET: Intraday support/resistance:
SPX 2336.7/2351.3
DTX 941.2/952.4
DJIA 20550/20640
Nasdaq 5790/5835
RUT 1391.2/1404.8
VIX 11.75/12.8 (rising VIX is bearish but VIX under 15 is still bullish overall; rising VIX in some cases is good because it allows the market more room to run)
Trin range: 0.85 - 1.15 (mildly bullish to slightly bearish)
Average VWAPs: +57/-69 (bull/bear battle)

Market firing on all cylinders as Transports best major resistance to hit all-time high
February 15, 2017

Today's Market at a Glance:
Commodity Break-outs: $CORN
Sector Break-outs: Healthcare $XLV, $IXJ; Pharma $PJP, $PPH; Consumer Staples $XLP
On the come-back trail?: Solar $TAN, Wind energy $FAN
Global stocks, especially S. America and Emerging Markets are soaring: $GML, $VWO, $EEM, $BRF, $EWZ, $ILF, $EWA

1:50 pm ET: Intraday support/resistance:
SPX 2334.8/2346.4
DTX 945.1/955.9
DJIA 20495/20610
Nasdaq 5777/5811
RUT 1392/1400
VIX 11.45/11.9 (rising VIX is bearish but VIX under 15 is still bullish overall; rising VIX in some cases is good because it allows the market more room to run)
Trin range: 0.6 - 0.8 (very bullish)
Average VWAPs: +95/-30 (bullish)

Bulls heart the market as financials, banks, tech, uranium hit new highs
February 14, 2017

2:10 pm ET: Intraday support/resistance:
SPX 2322.2/2338.6
DTX 940.6/948.6
DJIA 20375/20495
Nasdaq 5749/5782
RUT 1386.4/1396.6
VIX 10.85/11.35 (bullish to contrarian)
Trin range: 0.65 - 0.8 (very bullish)
Average VWAPs: +125/-33 (very bullish; selling in sporting good retailers & internet stocks, buying in biotech/healthcare/pharma)





Transports testing all-time high as the other major averages continue to notch record highs; Banks and financials, steel, miners, grains, emerging markets march to new yearly highs
February 13, 2017

1:55 pm ET: Intraday support/resistance:
SPX 2321.4/2332.6
DTX 941/951
DJIA 20325/20455
Nasdaq 5752/5771
RUT 1390.4/1399.6
VIX 11.1/11.4 (bullish)
Trin range: 0.75 - 0.9 (bullish)
Average VWAPs: +64/-45 (bulls with the edge)

Everyone drinking the bull kool-aid as Dow Industrials, S&P, Nasdaq notch record highs
February 10, 2017

1:55 pm ET: Intraday support/resistance:
SPX 2311.1/2319.9
DTX 935/941.5
DJIA 20210/20310
Nasdaq 5717/5747
RUT 1380/1390
VIX 10.55/11 (VIX near 10 is very contrarian)
Trin range: 0.9 - 1.1 (neutral)
Average VWAPs: +83/-37 (bullish)

*** The Stock Market Cook Book is on the road today. See y'all tomorrow! ***
February 9, 2017

China stocks jump
February 8, 2017

Market Notes 2:30pm ET: Despite the Trump's administration's tough trade talk, China stocks jumped today. Several country funds hopped over resistance, gaining between 1.3 - 1.5% on the day: HAO, FXI, GXC. All of these chart patterns are showing a breakout from an inverse head and shoulders pattern--a very bullish sign.

1:55 pm ET: Intraday support/resistance:
SPX 2285.4/2296
DTX 915.9/925.3
DJIA 20015/20085
Nasdaq 5650/5684
RUT 1349.4/1361.6
VIX 11.15/11.85 (VIX under 15 is bullish overall)
Trin range: 0.8 - 1.0 (bullish to neutral)
Average VWAPs: +98/-33 (bullish)

Oil & gas services (OIH, XOP, PXJ) break first lines of support
February 7, 2017

1:20 pm ET: Intraday support/resistance:
SPX 2286.6/2299.4
DTX 919.3/927.7
DJIA 20035/20155
Nasdaq 5656/5690
RUT 1355.7/1371.9
VIX 11.05/11.7 (VIX under 15 is bullish overall)
Trin range: 0.9 - 1.4 (rising Trin is bearish)
Average VWAPs: +36/-103 (bearish)

Gold (GLD), precious metals continue to rally
February 6, 2017

2:05 pm ET: Intraday support/resistance:
SPX 2287.8/2296.2
DTX 920.4/931.2
DJIA 20005/20095
Nasdaq 5648/5668
RUT 1361/1377.3
VIX 10.95/11.85 (rising VIX is bearish but VIX under 15 is bullish overall)
Trin range: 0.7 - 0.9 (bullish)
Average VWAPs: +45/-74 (mildly bearish)

Insurance (KIE), Robotics (ROBO), Semis (SOXX) hit record highs while Cocoa (NIB) slides to record low
February 3, 2017

2:00 pm ET: Intraday support/resistance:
SPX 2288/2300
DTX 912/926
DJIA 19965/20100
Nasdaq 5648/5668
RUT 1358/1376
VIX 10.75/11.35 (VIX below 12 is entering contrarian zone but VIX under 15 is bullish overall)
Trin range: 1.05 - 1.4 (bearish (!))
Average VWAPs: +68/-48 (neutral with a bullish bias)

Gold & gold miners breaking out; Aussie $ (FXA) jumps
February 2, 2017

2:20 pm ET: Intraday support/resistance:
SPX 2271.1/2285.3
DTX 904.7/916.3
DJIA 19830/19920
Nasdaq 5616/5656
RUT 1355/1364
VIX 11.5/12.35 (VIX under 15 is bullish overall)
Trin range: 0.8 - 1.0 (neutral)
Average VWAPs: +63/-75 (neutral)

***We are in the process of upgrading our software. We expect to be fully back online later today. Thank you for your patience.***
February 1, 2017

No intraday support/resistance levels today.

Silver (SLV) rises above resistance; USD (UUP) breaks key support level
January 31, 2017

2:00 pm ET: Intraday support/resistance:
SPX 2266.3/2276.5
DTX 913.7/927.7
DJIA 19750/19920
Nasdaq 5569/5601
RUT 1345.7/1354.3
VIX 12.2/13.1 (rising VIX is bearish but VIX under 15 is bullish overall)
Trin range: 0.95 - 1.35 (mildly bearish)
Average VWAPs: +67/-66 (selling in aerospace & defense (PPA, ITA) and financials (XLF); buying in biotech (XBI), pharma (PJP), and med devices (IHI--this is breaking out today))

Volatility jumps as markets reverse
January 30, 2017

2:25 pm ET: Intraday support/resistance:
SPX 2266/2296
DTX 921.1/936.9
DJIA 19850/20030
Nasdaq 5570/5636
RUT 1338.5/1369.5
VIX 11.5/12.9 (rising VIX is bearish but VIX under 15 is bullish overall)
Trin range: 0.8 - 1.3 (neutral to bearish)
Average VWAPs: +104/-46 (buyers starting to step in)

Volatility falls to 2 1/2 year low--could a market reversal be imminent?
January 27, 2017

2:30 pm ET: Intraday support/resistance:
SPX 2291/2299
DTX 939/948
DJIA 20070/20115
Nasdaq 5644/5667
RUT 1366/1376
VIX 10.3/10.85 (VIX under 11 is very contrarian)
Trin range: 0.8 - 1.1 (neutral)
Average VWAPs: +62/-68 (neutral)

Transports testing previous record high
January 26, 2017

1:55 pm ET: Intraday support/resistance:
SPX 2294/2301
DTX 940.3/950.3
DJIA 20055/20125
Nasdaq 5642/5670
RUT 1373.9/1384.1
VIX 10.65/11.15 (VIX under 11 is very contrarian but VIX under 15 is still bullish overall)
Trin range: 0.85 - 1.15 (neutral)
Average VWAPs: +50/-76 (buying in cruise lines (RCL, CUK) and some media names; sell-off in investment banks and some machinery)

Banner day for the bulls as Dow finally breaks 20k; Nasdaq pops over 5600; S&P tests 2300
January 25, 2017

2:10 pm ET: Intraday support/resistance:
SPX 2288.9/2299.1
DTX 931.8/944.2
DJIA 19995/20105
Nasdaq 5634/5656
RUT 1371.1/1383.7
VIX 10.45/11.05 (VIX falling under 11 is very contrarian but VIX under 15 is still bullish overall)
Trin range: 0.95 - 1.25 (neutral to slightly bearish (!))
Average VWAPs: +75/-59 (bears gaining presence)

Bull charge pushes S&P and Nasdaq to record highs
January 24, 2017

2:10 pm ET: Intraday support/resistance:
SPX 2267/2282
DTX 915/931
DJIA 19785/19945
Nasdaq 5558/5602
RUT 1348/1375
VIX 11.25/11.75 (VIX falling under 12 is contrarian but VIX under 15 is still bullish overall)
Trin range: 0.7 - 1.1 (bullish)
Average VWAPs: +123/-38 (bullish)

Frontier market etf (FM) pops to a new high
January 23, 2017

2:10 pm ET: Intraday support/resistance:
SPX 2256.2/2271.8
DTX 908/922
DJIA 19735/19835
Nasdaq 5523/5564
RUT 1338.9/1353.1
VIX 11.6/12.6 (VIX under 15 is bullish overall)
Trin range: 1.0 - 1.3 (bearish)
Average VWAPs: +50/-50 (lackluster volume; some selling in aerospace & airlines)

Retailers getting marked down
January 19, 2017

2:05 pm ET: Intraday support/resistance:
SPX 2262.7/2274.3
DTX 913.5/926.5
DJIA 19720/19820
Nasdaq 5532/5572
RUT 1344.3/1360.7
VIX 12.15/12.85 (VIX under 15 is bullish overall)
Trin range: 0.55 - 0.7 (bullish to contrarian)
Average VWAPs: +34/-96 (selling pressure in retailers)

Market stuck in neutral pending inauguration
January 18, 2017

2:10 pm ET: Intraday support/resistance:
SPX 2264/2271
DTX 903.5/916.5
DJIA 19740/19830
Nasdaq 5533/5553
RUT 1350/1357
VIX 12.15/12.85 (rising VIX is bearish but under 15 is bullish overall)
Trin range: 0.9 - 1.1 (neutral)
Average VWAPs: +54/-58 (a whole lotta nuttin' going on)

Grains (JJG, WEAT, CORN, SOYB) gain; Gold (GLD) breaking out; Dollar (UUP) plummets
January 17, 2017

1:55 pm ET: Intraday support/resistance:
SPX 2265.5/2274.5
DTX 910.1/918.9
DJIA 19800/19885
Nasdaq 5535/5558
RUT 1356.6/1371.1
VIX 11.65/12.3 (VIX under 12 is contrarian)
Trin range: 0.65 - 0.85 (bullish!)
Average VWAPs: +69/-76 (neutral; some selling in semiconductors & in casual dining names)

Nasdaq, internet (FDN), cloud computing (SKYY) all notch all-time highs
January 13, 2017

1:50 pm ET: Intraday support/resistance:
SPX 2272.1/2278.7
DTX 915.2/922.2
DJIA 19860/19950
Nasdaq 5557/5584
RUT 1361.4/1376.6
VIX 11.05/11.55 (VIX under 12 is contrarian)
Trin range: 1.0 - 1.4 (bearish)
Average VWAPs: +58/-54 (rotation out of banks and financials; otherwise a fairly low volume day)

Gold (GLD, IAU) pops above resistance; Biotech, pharma rally following yesterday's beat-down
January 12, 2017

2:10 pm ET: Intraday support/resistance:
SPX 2254.3/2271.7
DTX 904.7/917.9
DJIA 19770/19930
Nasdaq 5497/5547
RUT 1345/1373
VIX 11.2/12.6 (VIX under 12 is contrarian)
Trin range: 0.8 - 0.95 (falling Trin is bullish)
Average VWAPs: +114/-37 (bullish)

Lithium (LIT) breaking out to a new high/Gold (GLD) testing key resistance/Biotech, pharma (XBI, PJP) tank on Trump remarks
January 11, 2017

2:25 pm ET: Intraday support/resistance:
SPX 2260.8/2274.6
DTX 911/921
DJIA 19835/19965
Nasdaq 5521/5564
RUT 1364.5/1375.5
VIX 11.45/12.25 (VIX under 12 is contrarian)
Trin range: 0.85 - 1.2 (neutral to mildly bearish)
Average VWAPs: +72/-88 (bull/bear seesaw)

Coffee (JO), Uranium (URA) jump
January 10, 2017

2:00 pm ET: Intraday support/resistance:
SPX 2265.3/2282.1
DTX 902.5/916.5
DJIA 19835/19960
Nasdaq 5528/5569
RUT 1357.7/1374.3
VIX 11.3/11.9 (VIX under 12 is contrarian)
Trin range: 0.8 - 1.2 (neutral to mildly bearish)
Average VWAPs: +61/-77 (neutral)

Mexico funds (EWW, MXF) tumble to multi-year lows
January 9, 2017

2:05 pm ET: Intraday support/resistance:
SPX 2269.2/2276.8
DTX 901.9/909.1
DJIA 19895/19945
Nasdaq 5517/5547
RUT 1356.5/1368.5
VIX 11.25/12.1 (VIX under 12 is contrarian)
Trin range: 0.5 - 0.8 (bullish (!))
Average VWAPs: +55/-68 (neutral)

S&P, Nasdaq hit all-time highs--will the Dow follow suit?
January 6, 2017

2:05 pm ET: Intraday support/resistance:
SPX 2264/2286
DTX 901.4/917.6
DJIA 19835/20025
Nasdaq 5483/5544
RUT 1367/1375
VIX 10.85/11.75 (falling VIX is bullish but VIX under 12 is contrarian)
Trin range: 0.8 - 1.15 (bullish to neutral)
Average VWAPs: +98/-48 (bullish; buying pressure in internet stocks)

Gold pops/Dollar plops
January 5, 2017

2:05 pm ET: Intraday support/resistance:
SPX 2260.5/2271.5
DTX 901.4/914.6
DJIA 19810/19950
Nasdaq 5464/5496
RUT 1366.3/1387.7
VIX 11.4/12.2 (VIX under 12 is becoming contrarian)
Trin range: 0.7 - 0.85 (bullish)
Average VWAPs: +71/-67 (neutral: rotation out of financials and into REITs and internet stocks)

Ag commodities (BAL, JO, NIB, SGG), REITs, Junk Bonds moving higher
January 4, 2017

2:05 pm ET: Intraday support/resistance:
SPX 2261.6/2274.4
DTX 904.3/910.8
DJIA 19880/19940
Nasdaq 5440/5480
RUT 1376.6/1388.4
VIX 11.65/12.55 (falling VIX is bullish but VIX under 12 is becoming contrarian)
Trin range: 0.8 - 1.4 (rising Trin is bearish)
Average VWAPs: +91/-43 (bullish)

Platinum jumps/Telecom (IYZ, VOX) rallies to multiyear highs
January 3, 2017

2:05 pm ET: Intraday support/resistance:
SPX 2238.1/2263.9
DTX 898/917
DJIA 19720/19940
Nasdaq 5377/5453
RUT 1354/1375
VIX 13/14 (VIX under 15 is bullish overall)
Trin range: 0.65 - 0.9 (bullish)
Average VWAPs: +47/-108 (bearish)

*** The 2016 Intraday Market Notes have been archived. ***
December 31, 2016

Recent Articles
Tra-la or ruh-roh?
May 9, 2016 at 12:53 pm

I know it may sound unthinkable, but there are times when even market technicians can’t predict the future direction of the S&P. One of those times just so happens to be right now. There are two moving average cross-overs currently flashing conflicting messages–one bullish and one extremely bearish.

Let’s take a quick look at both.

SPX Golden Cross

In the bullish corner we have the recent formation of a Golden Cross in the S&P’s daily chart. For those of you unfamiliar with the concept, it is when the 50 day moving average (50 dma) moves above the 200 dma on a daily chart. Historically, it has shown to be a fairly reliable indicator of a change in market direction from bearish to bullish. From the below chart we can see that a Golden Cross formed around April 26.

In the bearish corner, we have what I’m going to term a Correction Cross because no one else has yet named it. This is when the 50 dma moves below the 100 dma on a weekly chart, not a daily one. A Correction Cross has formed only twice in recent history. The first was at the end of beginning of April, 2001 which heralded the tech correction. The second time was in late June, 2008 at the beginning stages of the mortgage crisis. Here’s what the chart looks like today:

SPX Correction Cross

The above chart shows that it may be a bit too early to call a Correction Cross, but it’s ominously close. What does this all mean? Well, the only thing I know for sure is that right now I don’t know anything for sure. For this reason, I would recommend that sitting on the sidelines may be the most prudent place for cautious investors , at least until market direction is confirmed, one way or the other.

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