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Intraday Market Notes & Observations
Cloud computing (SKYY) at 5 year high
July 28, 2016

1:40 pm ET: Intraday support/resistance:
SPX 2159.7/2169.3
DTX 778/790
DJIA 18370/18470
Nasdaq 5131/5153
RUT 1213.8/1219.2
VIX 12.85/13.55 (VIX under 15 is overall bullish)
Trin range: 0.95- 1.25 (neutral)
Average VWAPs: +94/-58 (rotation out of aerospace and into REITs, restaurants)

Platinum pops to a new yearly high
July 27, 2016

1:55 pm ET: Intraday support/resistance:
SPX 2161.5/2175
DTX 784/798
DJIA 18420/18540
Nasdaq 5118/5147
RUT 1211.8/1222.2
VIX 12.75/14.05 (rising VIX is bearish but VIX under 15 is overall bullish)
Trin range: 0.79- 1.45 (bearish)
Average VWAPs: +60/-76 (neutral)

Semis move to new highs (SOXX, SMH)/Timber (CUT) breaks down
July 26, 2016

2:15 pm ET: Intraday support/resistance:
SPX 2160.1/2173.5
DTX 790/797.4
DJIA 18385/18525
Nasdaq 5083/5122
RUT 1208.8/1216.8
VIX 12.8/13.6 (VIX under 15 is overall bullish)
Trin range: 0.7 - 0.95 (bullish)
Average VWAPs: +60/-65 (not much conviction on either side)

REITs losing steam/Volatility jumps
July 25, 2016

1:55 pm ET: Intraday support/resistance:
SPX 2161.3/2173.7
DTX 787.9/796.9
DJIA 18435/18555
Nasdaq 5083/5101
RUT 1207.2/1212.8
VIX 12.9/13.9 (rising VIX is bearish but VIX under 15 is overall bullish)
Trin range: 0.9 - 1.1 (neutral)
Average VWAPs: +61/-44 (neutral--very light volume trading)

Market rises on vapors/REITs jump to fresh highs
July 22, 2016

1:50 pm ET: Intraday support/resistance:
SPX 2163.75/2174.75
DTX 786.1/797.9
DJIA 18490/18570
Nasdaq 5064/5111
RUT 1202.2/1215.2
VIX 11.9/12.8 (VIX at or below 12 is contrarian)
Trin range: 1.05 - 1.2 (neutral to mildly bearish)
Average VWAPs: +93/-30 (bullish; rotation out of oil producers and into REITs, healthcare providers, and aerospace (maybe a result of Trump's desire to beef up the military))

Market takes a breather/Soft commodities continue to falter
July 21, 2016

2:05 pm ET: Intraday support/resistance:
SPX 2162.5/2174.5
DTX 782.3/792.7
DJIA 18470/18590
Nasdaq 5067/5103
RUT 1203.5/1213.5
VIX 11.85/13 (rising VIX is bearish but under 15 is bullish)
Trin range: 0.65 - 0.95 (bullish)
Average VWAPs: +42/-112 (bearish)

Nasdaq, Dow Industrials hit another record high/WEAT, CORN tumble to fresh lows
July 20, 2016

2:15 pm ET: Intraday support/resistance:
SPX 2164.9/2176.5
DTX 794.5/803.1
DJIA 18555/18625
Nasdaq 5054/5106
RUT 1198.4/1212.6
VIX 11.45/11.95 (extremely bullish but VIX < 12 is contrarian--market reversal may be imminent)
Trin range: 0.9 - 1.45 (Trin falling from early morning high is bullish)
Average VWAPs: +96/-32 (very bullish considering the low trading volume)

Dollar pops as investors go risk-off
July 19, 2016

2:05 pm ET: Intraday support/resistance:
SPX 2157.4/2164.6
DTX 791/798
DJIA 18490/18555
Nasdaq 5028/5052
RUT 1196.75/1207.25
VIX 12.35/12.75 (VIX nearing 12 is becoming contrarian)
Trin range: 1.05 - 1.4 (bearish)
Average VWAPs: +39/-57 (mildly bearish; risk-off rotation out of biotech/healthcare/pharma & aerospace and into REITs)

Market treading water ahead of political conventions/Semis pop on Softbank-ARM (ARMH) deal
July 18, 2016

2:00 pm ET: Intraday support/resistance:
SPX 2159.6/2169.8
DTX 792.9/801.1
DJIA 18490/18560
Nasdaq 5030/5064
RUT 1202.5/1210.5
VIX 12.3/13 (VIX nearing 12 is becoming contrarian)
Trin range: 0.75 - 1.15 (bullish to neutral)
Average VWAPs: +53/-39 (low volume on both sides)

Traders book profits early before heading for the Hamptons
July 15, 2016

2:05 pm ET: Intraday support/resistance:
SPX 2152.5/2169
DTX 795.7/801.9
DJIA 18455/18555
Nasdaq 5009/5045
RUT 1200.25/1208.25
VIX 12.4/13.3 (VIX nearing 12 is becoming contrarian)
Trin range: 1.05 - 1.55 (rising Trin is bearish)
Average VWAPs: +38/-53 (low volume on both sides; some money flowing out of restaurants, energy, pharma)

Russell 2000 pushing above major resistance at 1200
July 14, 2016

2:20 pm ET: Intraday support/resistance:
SPX 2157.9/2170.1
DTX 795.9/805.1
DJIA 18415/18565
Nasdaq 5025/5045
RUT 1202/1210
VIX 12.65/13.35 (falling VIX is bullish but VIX nearing 12 is becoming contrarian)
Trin range: 0.6 - 0.8 (bullish)
Average VWAPs: +50/-62 (not a lot of conviction on either side)

Market consolidates/Palladium breaks to the upside
July 13, 2016

2:10 pm ET: Intraday support/resistance:
SPX 2143.5/2156.5
DTX 781.2/792.6
DJIA 18290/18390
Nasdaq 4995/5036
RUT 1194.6/1210.4
VIX 13.25/13.95 (VIX under 15 is very bullish)
Trin range: 1.2 - 1.6 (very bearish to contrarian)
Average VWAPs: +50/-70 (rotation out of energy, biotech, pharma and back into precious metals)

Nasdaq, Russell 2000 spring above key resistance levels as bonds tumble
July 12, 2016

1:50 pm ET: Intraday support/resistance:
SPX 2139.5/2159.5
DTX 773.9/792.9
DJIA 18260/18380
Nasdaq 5010/5037
RUT 1192/1209
VIX 13/13.7 (VIX under 15 is very bullish)
Trin range: 0.7 - 0.9 (bullish)
Average VWAPs: +78/-46 (mildly bullish; some rotation out of precious metal miners and into oil producers)

Bull charge pushes S&P, Dow Industrials to all-time highs
July 11, 2016

2:00 pm ET: Intraday support/resistance:
SPX 2131.7/2143.3
DTX 768.75/775.25
DJIA 18610/18230
Nasdaq 4976/5008
RUT 1179.2/1190.8
VIX 13.1/13.6 (VIX under 15 is very bullish)
Trin range: 0.8 - 1.1 (bullish to neutral)
Average VWAPs: +60/-45 (bullish; rotation continuing especially into REITs)

Brexit? What Brexit? S&P on track to close at an all-time high
July 8, 2016

2:15 pm ET: Intraday support/resistance:
SPX 2107/2130
DTX 754.25/771.75
DJIA 17970/18130
Nasdaq 4901/4954
RUT 1152.2/1179.8
VIX 13.2/14 (tumbling VIX is bullish; VIX under 15 is very bullish)
Trin range: 0.8 - 1.2 (falling Trin (from the open) is bullish)
Average VWAPs: +98/-31 (bullish)

Commodities take a rest as the Yen moves higher
July 7, 2016

1:50 pm ET: Intraday support/resistance:
SPX 2090.9/2109.1
DTX 742.4/755
DJIA 17835/17985
Nasdaq 4853/4889
RUT 1143.1/1156.9
VIX 14.3/15.9 (VIX moving higher off early morning low is bearish)
Trin range: 0.9 - 1.2 (neutral)
Average VWAPs: +35/-110 (bearish)

Gold and silver miners continue to climb as corn, soybeans, grains drop
July 6, 2016

1:45 pm ET: Intraday support/resistance:
SPX 2074/2101
DTX 732.9/747.1
DJIA 17715/17915
Nasdaq 4786/4860.5
RUT 1131.7/1150.3
VIX 15.05/17.05 (VIX back over 15 means bears are in control)
Trin range: 0.9 - 1.15 (neutral)
Average VWAPs: +107/-28 (bullish)

Pound plunges as precious metals, REITs, volatility soar
July 5, 2016

2:05 pm ET: Intraday support/resistance:
SPX 2079/2087
DTX 738.2/753.8
DJIA 17770/17905
Nasdaq 4791/4839
RUT 1130.5/1155.5
VIX 16/16.8 (rising VIX is bearish; VIX rising back over 15 means bears are gaining control)
Trin range: 0.9 - 1.3 (neutral)
Average VWAPs: +53/-69 (rotation out of energy producers and materials and into REITs)

Silver soars as volatility plummets
July 1, 2016

2:05 pm ET: Intraday support/resistance:
SPX 2096.3/2108.7
DTX 747.2/758.8
DJIA 17900/18000
Nasdaq 4835/4880
RUT 1149/1161
VIX 14.6/15.6 (falling VIX is bullish; VIX under 15 means bulls have taken over)
Trin range: 0.9 - 1.25 (neutral)
Average VWAPs: +48/-78 (light trading on both sides ahead of holiday weekend)

Bulls continue the charge as staples, utility, and telecom etfs notch all-time highs
June 30, 2016

2:05 pm ET: Intraday support/resistance:
SPX 2070/2095
DTX 734.2/748.8
DJIA 17710/17910
Nasdaq 4775/4843
RUT 1128.9/1148.1
VIX 15.3/16.6 (falling VIX is bullish but VIX over 15 means bears still with the edge but barely)
Trin range: 1.1 - 1.4 (rising Trin is bearish)
Average VWAPs: +112/-40 (bullish)

Silver, Sugar, REIT etfs jump to new highs
June 29, 2016

1:55 pm ET: Intraday support/resistance:
SPX 2042.7/2072.3
DTX 727.8/746.2
DJIA 17455/17695
Nasdaq 4732/4778
RUT 1110.8/1134.2
VIX 16.3/17.45 (falling VIX is bullish but VIX over 15 means bears still hold the reins)
Trin range: 0.8 - 1.35 (bullish to neutral)
Average VWAPs: +95/-45 (bullish)

Market, Pound rebound; Brazil Real hits a high
June 28, 2016

1:55 pm ET: Intraday support/resistance:
SPX 2006.7/2030.3
DTX 712.5/724.9
DJIA 17190/17370
Nasdaq 4643/4677
RUT 1092.2/1111.8
VIX 18.8/21.2 (falling VIX is bullish but VIX is still in bear country)
Trin range: 0.8 - 1.3 (bullish to neutral)
Average VWAPs: +62/-72 (rotation out of discretionary, retail, and tech and into real estate and biotech)

Bonds, Yen soar as Pound plummets to new low
June 27, 2016

2:00 pm ET: Intraday support/resistance:
SPX 1989.5/2031.5
DTX 703/727
DJIA 17045/17335
Nasdaq 4575/4665
RUT 1081.2/1123.8
VIX 22.75/24.75 (very bearish)
Trin range: 1.0 - 1.4 (bearish)
Average VWAPs: +59/-131 (bearish)

Volatility creeping back in front of Brexit vote
June 21, 2016

2:10 pm ET: Intraday support/resistance:
SPX 2081.4/2091
DTX 759.5/768.1
DJIA 17790/17860
Nasdaq 4823/4851
RUT 1144.1/1158.9
VIX 17.75/19.05 (rising VIX is bearish)
Trin range: 0.65 - 0.8 (bullish)
Average VWAPs: +59/-60 (rotation out of biotech/pharma and into oil/gas producers)

Pound pops/Dollar drops as Brexit worries fade
June 20, 2016

1:50 pm ET: Intraday support/resistance:
SPX 2075.6/2104.4
DTX 763.7/778.7
DJIA 17735/17965
Nasdaq 4856.1/4887.9
RUT 1146.4/1173.4
VIX 16.5/17.5 (tumbling VIX is bullish, but VIX over 15 means the bears are still in control)
Trin range: 0.8 - 1.0 (bullish to neutral)
Average VWAPs: +50/-55 (not a lot of conviction on either side)

Rebound in Euro, Pound, Euro etfs/fall in USD indicate probability of Brexit is easing
June 17, 2016

1:50 pm ET: Intraday support/resistance:
SPX 2059.8/2078.2
DTX 753.3/762.7
DJIA 17595/17735
Nasdaq 4785/4835
RUT 1139.3/1151.7
VIX 19.05/20.35 (bearish)
Trin range: 0.7 - 1.0 (bullish to neutral)
Average VWAPs: +54/-74 (bull/bear seesaw)

Gold, Treasuries having trouble hanging onto new yearly highs
June 16, 2016

1:30 pm ET: Intraday support/resistance:
SPX 2050.4/2073.6
DTX 744/758
DJIA 17470/17710
Nasdaq 4779/4827
RUT 1133.1/1148.9
VIX 20.8/22.9 (bearish)
Trin range: 0.7 - 1.0 (bullish)
Average VWAPs: +75/-52 (bulls with a slight edge)

Fed leaves rates unchanged--for now
June 15, 2016

2:00 pm ET: Intraday support/resistance:
SPX 2077.6/2083.9
DTX 758/768
DJIA 17690/17750
Nasdaq 4850/4866
RUT 1148/1159
VIX 18.95/20.45 (falling VIX is bullish; VIX falling back under 20 means bears' grip is loosening)
Trin range: 0.8 - 1.15 (falling Trin is bullish)
Average VWAPs: +79/-45 (bulls with the edge)

Volatility continues to climb as bears take control/Airlines losing altitude
June 14, 2016

1:45 pm ET: Intraday support/resistance:
SPX 2061.7/2081.3
DTX 753.9/770.1
DJIA 17585/17735
Nasdaq 4802/4863
RUT 1138.8/1153.2
VIX 20.25/22.25 (rising VIX is bearish; VIX over 20 means bears are now in control)
Trin range: 0.8 - 1.8 (very bearish/contrarian)
Average VWAPs: +49/-68 (bears with the edge)

Volatility skyrockets on terrorist/Brexit/FOMC jitters
June 13, 2016

1:55 pm ET: Intraday support/resistance:
SPX 2081.9/2098.1
DTX 767.6/775.4
DJIA 17775/17895
Nasdaq 4850/4895
RUT 1153.1/1164.9
VIX 17.9/19.95 (rising VIX is bearish and VIX over 15 means bears are gaining control)
Trin range: 0.55 - 0.95 (bullish to contrarian)
Average VWAPs: +25/-91 (bulls are heading for the exits)

VIX jumps into the bears' camp as Treasury etfs top out
June 10, 2016

Market Notes (2:40 pm ET): Today's jump in volatility saw a leap over the bull/bear dividing line of 15 right on the open, and it hasn't looked back since. While the Sell in May scenario didn't pan out this year, today could well be the start of a summer swoon. Breakdowns in quite a few sector and industry group exchange traded funds were made today including the following more notable ones: Insurance (KIE), Banks & Financials (KRE, XLF), Consumer Discretionary and Retail (XLY, XRT), and Social Media/Internet (SOCL, PNQI, FCN).

Looking very toppy today are Treasury funds (TLT, TLO, TLH, TIP). While I'm very tempted to take a short position here, I'm thinking it may be prudent to wait until after the Fed meeting next week as I don't want to get caught holding the bag. (I'd rather risk losing a few bucks and err on the side of caution.) The standout in commodities is the strong topping tail in the Soybean etf (SOYB). It's overdue for a breather and today's action doesn't come as much of a surprise as the share price has skyrocketed nearly 30% since the beginning of March.

1:50 pm ET: Intraday support/resistance:
SPX 2092.4/2109.6
DTX 771/785
DJIA 17830/17940
Nasdaq 4897/4918
RUT 1161.4/1178.4
VIX 15.75/16.65 (rising VIX is bearish; VIX moving over 15 means bears are gaining control)
Trin range: 0.8 - 1.15 (neutral)
Average VWAPs: +33/-97 (bearish)

Risk-off trade pushes utes (XLU) to all-time high; Bonds, consumer staples, greenback rally
June 9, 2016

1:55 pm ET: Intraday support/resistance:
SPX 2107.3/2115.7
DTX 782.4/789
DJIA 17915/17985
Nasdaq 4940.5/4969.5
RUT 1177.9/1189.1
VIX 14.35/14.85 (rising VIX is bearish but VIX under 15 is bullish overall)
Trin range: 0.85 - 1.0 (bullish to neutral)
Average VWAPs: +52/-64 (rotation out of biotech/pharma and into staples and utilities)

Money pouring into medical device makers pushing etf IHI to another new all-time high/Softs, gold, foreign markets/currencies jump
June 8, 2016

1:50 pm ET: Intraday support/resistance:
SPX 2112.7/2120.9
DTX 786.1/795.9
DJIA 17930/18030
Nasdaq 4957/4983
RUT 1180.2/1190.4
VIX 13.7/14.3 (rising VIX is bearish but VIX under 15 is bullish overall)
Trin range: 0.75 - 1.2 (rising Trin is bearish)
Average VWAPs: +68/-57 (bull/bear seesaw)

Emerging markets sprout
June 7, 2016

Market Notes (4:30 pm ET): While the bulls controlled most of the market today, one area that stood out was emerging markets--Russia and India in particular. The Russia Small Cap fund (RSXJ, $26.33) was one of the biggest gainers. It rose 2.3% pushing it to a new yearly high. This etf is up a whopping 64% since its January low.

Three India-centric etfs also made technically significant moves: (IFN, +2%), (EPI, +0.7%), (INDY, +0.8%). All of these pay a small dividend. Note that outside of EPI, the others (including RSXJ) are not heavily traded so please use limit orders if you care to participate in on any of these.

2:00 pm ET: Intraday support/resistance:
SPX 2110.2/2119.4
DTX 778.2/791.8
DJIA 17935/18005
Nasdaq 4963/4979
RUT 1175/1185
VIX 13.4/13.8 (VIX under 15 is bullish)
Trin range: 0.75 - 1.1 (bullish to neutral)
Average VWAPs: +75/-33 (bulls with the edge)

Ag commodities jump
June 6, 2016

Commodities Note (2:20pm ET): Agricultural commodities, aka softs , have been in rally mode for the past several months. Big moves were made today in many of them. Gaining 3% or more include the following etfs: Coffee (JO), Grains (GRU), and Cotton (BAL) with the latter two breaking above major resistance levels. Also making important breakouts are Corn (CORN), Agribiz (MOO) and Soybeans (SOYB). Sugar (SGG) popped to a new yearly high but the trading action suggests that buying pressure may have reached the temporary exhaustion point (as indicated by the topping tail). (SOYB is showing a similar candlestick chart pattern, too.)

Water etfs have also been streaming to higher ground. Both the PHO and PIO broke out today with the FIW not only hitting a new yearly high, but a new all-time high (post 2007 inception). If you're interested in getting in on the action, you should note that most of these etfs are not heavily traded so please use limit orders. A better risk/return can be had in the futures options market--but you had better be well-versed in this area before attempting a trade. For professional assistance, I can recommend my friend Edgard Cabanillas, a life-long commodities trader at Alpine Trading (email: edgard@alpine-trading.net; website: www.alpine-trading.net). And no, I am not receiving any compensation for the recommendation.

1:55 pm ET: Intraday support/resistance:
SPX 2100.8/2111.6
DTX 770.2/777.2
DJIA 17825/17945
Nasdaq 4945/4971
RUT 1163.7/1174.9
VIX 13.4/14.3 (VIX under 15 is bullish)
Trin range: 0.875 - 0.95 (bullish)
Average VWAPs: +103/-30 (bullish)

Shockingly bad jobs report pushes precious metals, bonds higher/dollar lower
June 3, 2016

1:50 pm ET: Intraday support/resistance:
SPX 2085.4/2104
DTX 764/776
DJIA 17690/17830
Nasdaq 4909/4961
RUT 1155.6/1170.4
VIX 13.35/14.65 (VIX under 15 is bullish)
Trin range: 0.85 - 1.1 (bullish to neutral)
Average VWAPs: +68/-50 (bull/bear seesaw)

Sugar etf (SGG) popping to new yearly high
June 2, 2016

1:50 pm ET: Intraday support/resistance:
SPX 2088.6/2101.4
DTX 772.9/778.1
DJIA 17705/17815
Nasdaq 4924/4961
RUT 1159.4/1165.8
VIX 14/14.9 (falling VIX is bullish)
Trin range: 0.7 - 1.1 (falling Trin is bullish)
Average VWAPs: +84/-33 (bullish)

Russell 2000 testing December high
June 1, 2016

1:55 pm ET: Intraday support/resistance:
SPX 2085.1/2101.5
DTX 769.8/778.8
DJIA 17665/17805
Nasdaq 4923.2/4956.8
RUT 1148.6/1161.4
VIX 14.05/15.25 (VIX over 15 means bears are gaining control; VIX under 15 is bullish overall)
Trin range: 1.1 - 1.5 (bearish to contrarian)
Average VWAPs: +80/-39 (bulls with the edge)

Volatility jumps as major averages begin to roll-over
May 31, 2016

2:05 pm ET: Intraday support/resistance:
SPX 2092.1/2103.5
DTX 777/783
DJIA 17765/17900
Nasdaq 4929/4951
RUT 1150.6/1159
VIX 13.45/15.15 (rising VIX is bearish; VIX under 15 is bullish overall)
Trin range: 0.65 - 1.0 (bullish)
Average VWAPs: +39/-85 (post-holiday trading volume still low)

Market stuck in neutral ahead of the holiday weekend
May 27, 2016

2:05 pm ET: Intraday support/resistance:
SPX 2090/2098
DTX 772.5/777.5
DJIA 17825/17875
Nasdaq 4903/4931
RUT 1140/1149.8
VIX 13.3/13.8 (bullish)
Trin range: 1.05 - 1.35 (rising Trin is bearish)
Average VWAPs: +45/-57 (low trading volume on both sides)

Market rudderless as traders are already firing up their barbies
May 26, 2016

12:35 pm ET: Intraday support/resistance:
SPX 2085.7/2094.3
DTX 768.8/778
DJIA 17800/17890
Nasdaq 4886/4904
RUT 1137.6/1143.2
VIX 13.65/14.1 (bullish)
Trin range: 0.9 - 1.4 (rising Trin is bearish)
Average VWAPs: +40/-56 (low trading volume on both sides)

Banks, financials break-out--think the Fed won't be raising rates soon?
May 25, 2016

Market Notes 2:10pm ET: The following bank and financial etfs have pushed above resistance levels today: KRE, KBE, IAT, XLF. A rally in financials could be an early indication that the Fed will be raising interest rates sooner than expected.

1:55 pm ET: Intraday support/resistance:
SPX 2079/2095
DTX 769/778
DJIA 17735/17895
Nasdaq 4872.5/4907.5
RUT 1136.4/1143.6
VIX 13.95/14.35 (bullish)
Trin range: 0.6 - 0.9 (bullish)
Average VWAPs: +83/-46 (bulls with the edge)

Bulls charge back: Risk-on!
May 24, 2016

1:40 pm ET: Intraday support/resistance:
SPX 2052.7/2081.3
DTX 765.6/773.6
DJIA 17525/17780
Nasdaq 4793/4861
RUT 1111.5/1138.7
VIX 14.35/15.45 (falling VIX is bullish)
Trin range: 1.1 - 1.4 (bearish to neutral; Trin falling from the open is bullish)
Average VWAPs: +76/-40 (bulls with the edge)

Market luffing ahead of holiday weekend
May 23, 2016

1:45 pm ET: Intraday support/resistance:
SPX 2049/2055.6
DTX 764/769.5
DJIA 17480/17560
Nasdaq 4771/4792
RUT 1110.9/1117.3
VIX 15.2/16.3 (VIX over 15 means bears are taking control)
Trin range: 0.85 - 1.3 (neutral to slightly bearish)
Average VWAPs: +51/-57 (not a lot of conviction on either side)

Transports look to close the week in the green
May 20, 2016

2:00 pm ET: Intraday support/resistance:
SPX 2041.9/2059.1
DTX 760.7/773.3
DJIA 17435/17585
Nasdaq 4729/4791
RUT 1095.2/1114.4
VIX 14.9/16.3 (falling VIX is bullish)
Trin range: 1.0 - 1.5 (rising Trin is bearish but Trin over 1.5 is becoming contrarian)
Average VWAPs: +60/-42 (not a lot of conviction on either side)

Greenback moves above resistance (UUP)/Loonie (FXC) drops under support
May 19, 2016

1:55 pm ET: Intraday support/resistance:
SPX 2025.8/2044.2
DTX 750.3/763.7
DJIA 17305/17515
Nasdaq 4675/4735
RUT 1079.3/1110.7
VIX 16.25/18.15 (rising VIX is bearish; VIX over 15 means bears are gaining control)
Trin range: 0.55 - 0.75 (bullish/contrarian)
Average VWAPs: +76/-51 (rotation into oil producers and servicers)

Banks, Insurance rally ahead of Fed minutes
May 18, 2016

1:45 pm ET: Intraday support/resistance:
SPX 2040/2064
DTX 757/775
DJIA 17450/17660
Nasdaq 4705/4779
RUT 1094/1114
VIX 14.7/15.9 (VIX falling back under 15 means bulls have the reins--for right now)
Trin range: 0.9 - 1.2 (neutral)
Average VWAPs: +109/-38 (bullish)

Bears fight back/Oil producers gain as REITs, retail, staples plunge
May 17, 2016

2:10 pm ET: Intraday support/resistance:
SPX 2044.3/2065.7
DTX 755/773
DJIA 17500/17700
Nasdaq 4716/4766
RUT 1099.7/1118.3
VIX 14.4/15.9 (rising VIX is bearish; VIX moving over 15 means bulls are losing control)
Trin range: 0.6 - 0.8 (bullish!)
Average VWAPs: +25/-143 (very bearish)

Bulls charge back/Coffee (JO) perks up
May 16, 2016

2:00 pm ET: Intraday support/resistance:
SPX 2046.5/2072.3
DTX 751.4/762.6
DJIA 17530/17770
Nasdaq 4725/4794
RUT 1103.2/1119.8
VIX 14.1/16 (falling VIX is bullish; VIX under 15 is bullish overall)
Trin range: 0.9 - 1.05 (falling Trin is bullish)
Average VWAPs: +100/-38 (bullish)

Friday the 13th is bad luck as major averages sink to support levels
May 13, 2016

1:50 pm ET: Intraday support/resistance:
SPX 2049.2/2066.8
DTX 744.5/763.5
DJIA 17565/17735
Nasdaq 4721/4759
RUT 1103/1113
VIX 14/15 (VIX under 15 is bullish overall)
Trin range: 1.0 - 1.45 (bearish)
Average VWAPs: +32/-110 (bearish; selling in financials, banks, and retail)

Apple sinks to two year low
May 12, 2016

2:20 pm ET: Intraday support/resistance:
SPX 2053/2074
DTX 755.2/775.4
DJIA 17620/17800
Nasdaq 4707/4780
RUT 1101.3/1120.7
VIX 14.1/15.65 (rising VIX is bearish but VIX under 15 is bullish overall)
Trin range: 1.0 - 1.75 (rising Trin is bearish; Trin over 1.5 is becoming contrarian)
Average VWAPs: +85/-65 (bull/bear seesaw; rotation out of healthcare/pharma and into REITs)

Risk-off trade is the flavor du jour
May 11, 2016

2:15 pm ET: Intraday support/resistance:
SPX 2067.7/2083.3
DTX 771.5/784.7
DJIA 17700/17920
Nasdaq 4774/4812
RUT 1118.5/1128.5
VIX 13.5/14.5 (rising VIX is bearish but VIX under 15 is bullish overall)
Trin range: 0.8 - 1.0 (neutral)
Average VWAPs: +48/-116 (bearish; rotation out of biotech, pharma, life science tools and into oil producers, precious metals, bonds)

Bullish Golden Cross confirmed in the Transports
May 10, 2016

1:55 pm ET: Intraday support/resistance:
SPX 2062.5/2083.4
DTX 775.3/785.5
DJIA 17725/17915
Nasdaq 4758/4807
RUT 1118/1129.4
VIX 13.35/14.35 (falling VIX is bullish; VIX under 15 is bullish overall)
Trin range: 0.85 - 1.1 (falling Trin is bullish)
Average VWAPs: +100/-33 (bullish)

Precious metals drop/Biotech pops
May 9, 2016

1:50 pm ET: Intraday support/resistance:
SPX 2052.8/2064.2
DTX 771.7/777.3
DJIA 17645/17785
Nasdaq 4735/4770
RUT 1113/1123
VIX 14.2/15.4 (falling VIX is bullish; VIX under 15 is bullish overall)
Trin range: 1.4 - 1.9 (extremely bearish/contrarian)
Average VWAPs: +97/-46 (heavy rotation back into biotech)

Apple on track to close at a two year low
May 6, 2016

2:00 pm ET: Intraday support/resistance:
SPX 2039.5/2054.5
DTX 761.4/771.6
DJIA 17580/17720
Nasdaq 4684/4723
RUT 1101.5/1112.5
VIX 14.8/16.6 (VIX above 15 is bearish, under 15 is bullish)
Trin range: 0.8 - 1.15 (bullish to neutral)
Average VWAPs: +127/-42 (bulls in control--for now)

Greenback (UUP) gains against drop in oil and precious metals
May 5, 2016

1:50 pm ET: Intraday support/resistance:
SPX 2044.75/2060.25
DTX 766/778
DJIA 17605/17735
Nasdaq 4709.5/4744.5
RUT 1107.6/1118.4
VIX 15.2/16.6 (VIX above 15 is bearish, under 15 is bullish)
Trin range: 0.75 - 1.25 (bullish to neutral)
Average VWAPs: +43/-90 (bearish)

Investors flock to the risk-off trade
May 4, 2016

Intraday Notes (2:20pm ET): If the start of this month is any indication, this could indeed be the beginning of the Sell in May adage. However, a two day sell-off is just that--a two day sell-off. So far. While the VIX has moved back into bearish territory (in the 15-20 range is the bull to bear baton hand-off; over 20 means the bears call the shots), bulls shouldn't hang their heads in despair just yet. A Golden Cross recently formed in the S&P 500. More importantly, it is on the verge of doing so in the market-leading Dow Transports. Barring any further market sell-off, a cross should form within the next couple of up days in the index which could put the kibosh on this year's Sell in May prediction.

Today's trading action is focused on the risk-off trade. That's when investors rotate out of riskier assets and into safer ones. Today, investors are ditching biotech, healthcare, big pharma (and with the real possibility that Trump may be the next president, I wouldn't want to hold these, either) and semiconductors, and rolling proceeds into REITs, consumer staples, and utilities. It should be noted that several biotech etfs--RBT, BBH, XBI, IBB--all slid below semi-major resistance, as did two semiconductor etfs, SMH and SOXX.

2:05 pm ET: Intraday support/resistance:
SPX 2045.7/2060.3
DTX 771.9/783.7
DJIA 17620/17740
Nasdaq 4718/4732
RUT 1107.7/1123.7
VIX 15.4/17.4 (rising VIX is bearish; VIX moving above 15 means bears are gaining control)
Trin range: 1.05 - 1.35 (bearish)
Average VWAPs: +57/-110 (bearish)

Yen (FXY) hits new yearly high as Greenback (UUP) sinks to new yearly low
May 3, 2016

1:50 pm ET: Intraday support/resistance:
SPX 2054.9/2077.2
DTX 774.5/789.5
DJIA 17670/17870
Nasdaq 4750/4817
RUT 1116.5/1138.9
VIX 14.6/16 (falling VIX is bullish; VIX above 15 is bearish, under 15 is bullish)
Trin range: 1.0 - 1.25 (falling Trin is bullish)
Average VWAPs: +119/-39 (bullish)

Transports on the cusp of forming a Golden Cross
May 2, 2016

1:45 pm ET: Intraday support/resistance:
SPX 2066/2080
DTX 787.7/794.5
DJIA 17775/17905
Nasdaq 4768/4804
RUT 1129.25/1139.75
VIX 14.8/16 (falling VIX is bullish; VIX over 15 is bearish, under 15 is bullish)
Trin range: 1.2 - 1.6 (bearish/contrarian (over 1.5 is contrarian))
Average VWAPs: +100/-44 (bullish)

Bears take over as gold jumps/dollar drops
April 29, 2016

2:05 pm ET: Intraday support/resistance:
SPX 2046.1/2073.9
DTX 781/795
DJIA 17635/17815
Nasdaq 4732/4808
RUT 1121.9/1140.1
VIX 14.9/17.6 (rising VIX is bearish and VIX rising above 15 means that bears are gaining control)
Trin range: 0.75 - 1.25 (rising Trin is bearish)
Average VWAPs: +67/-106 (bearish)

Precious metals jump/Oil moves above key resistance
April 28, 2016

2:10 pm ET: Intraday support/resistance:
SPX 2086/2103
DTX 798.4/811.6
DJIA 17930/18070
Nasdaq 4853/4892
RUT 1146/1157
VIX 13.1/14.5 (falling VIX is bullish and VIX below 15 is bullish overall)
Trin range: 0.75 - 0.95 (bullish)
Average VWAPs: +87/-92 (bull/bear battle)

Fed keeps rates steady--for now
April 27, 2016

2:15 pm ET: Intraday support/resistance:
SPX 2082.3/2096.7
DTX 802.2/810.5
DJIA 17920/18090
Nasdaq 4826/4870
RUT 1145.5/1155.2
VIX 13.5/14.95 (VIX below 15 is bullish)
Trin range: 0.6 - 0.9 (falling Trin is bullish)
Average VWAPs: +104/-43 (bullish)

Market quiet ahead of tomorrow's Fed rate decision
April 26, 2016

1:40 pm ET: Intraday support/resistance:
SPX 2083.1/2096.9 (Golden Cross has officially formed here)
DTX 799.3/808.5
DJIA 17925/18045
Nasdaq 4875/4915
RUT 1138.7/1151.3
VIX 13.65/14.35 (VIX below 15 is bullish)
Trin range: 0.95 - 1.4 (bearish)
Average VWAPs: +66/-70 (bull/bear seesaw)

Volatility rising ahead of the Fed
April 25, 2016

2:10 pm ET: Intraday support/resistance:
SPX 2077/2089.4
DTX 793/809
DJIA 17850/17990
Nasdaq 4877/4905
RUT 1134.75/1146.25
VIX 14.15/14.85 (rising VIX is bearish but VIX below 15 is overall bullish)
Trin range: 1.0 - 1.4 (bearish)
Average VWAPs: +42/-78 (rotation back out of biotech/pharma and into tobacco/staples)

S&P thisclose to forming a Golden Cross (bullish)
April 22, 2016

2:00 pm ET: Intraday support/resistance:
SPX 2080.9/2093.5
DTX 799.7/811.3
DJIA 17885/18025
Nasdaq 4970/4922
RUT 1135.5/1145
VIX 13.4/14.2 (VIX below 15 is overall bullish)
Trin range: 0.85 - 1.3 (neutral to bearish)
Average VWAPs: +85/-45 (bull/bear seesaw)

Golden cross forming in Loonie (FXC) as it moves above major resistance
April 20, 2016

1:50 pm ET: Intraday support/resistance:
SPX 2096.4/2109.8
DTX 808.8/813.7
DJIA 18030/18170
Nasdaq 4915/4971
RUT 1137.3/1144.1
VIX 12.3/13.3 (VIX under 15 is bullish but VIX nearing 12 is becoming contrarian)
Trin range: 0.6 - 1.0 (bullish)
Average VWAPs: +100/-40 (bullish)

Metals muscle up
April 19, 2016

2:05 pm ET: Intraday support/resistance:
SPX 2091.7/2105.3
DTX 802.2/814.8
DJIA 17975/18105
Nasdaq 4915/4969
RUT 1136/1146.5
VIX 13.1/13.9 (VIX under 15 is bullish overall)
Trin range: 0.65 - 1.0 (falling Trin is bullish)
Average VWAPs: +60/-60 (rotation out of biotech, media and into junior miners, oil producers/services, and banks)

Agricultural commodities take root
April 18, 2016

Intraday Notes (2pm ET): Agricultural commodities have been caught in a downward spiral for the past few years but lately they've been showing signs of revival. The following commodity exchange traded funds have been recently moving up off their lows and some are making big moves today. The chart below shows the fund, how much it has lost from its previous high (2011-2012) to its recent low (within the past several months), and today's gain/loss:



Cotton (BAL): -65%, +3.8%
Wheat (WEAT): -64%, +2.8%
Grain (GRU): -54%, +1.4%
Ag (JJA): -49%, +1.2%
Corn (CORN): -62%, +1%
Soybeans (SOYB): -41%, +0% (but +12% since March low)

Note that some of these funds are thinly traded so please use limit orders if you care to buy them. Also note that a continued rally in ag commodities should portend well for ag-based companies such as Deere (DE) and Archer Daniels Midland (ADM).

2:10 pm ET: Intraday support/resistance:
SPX 2073.7/2094.9
DTX 792/803
DJIA 17850/18050
Nasdaq 4916/4969
RUT 1125.1/1140.3
VIX 12.95/14.95 (falling VIX is bullish)
Trin range: 0.9 - 1.4 (very bearish/contrarian)
Average VWAPs: +87/-35 (bullish)

Rotation out of biotech, into REITs & junior gold miners
April 15, 2016

1:55 pm ET: Intraday support/resistance:
SPX 2072.8/2083.2
DTX 795/802
DJIA 17860/17940
Nasdaq 4922/4950
RUT 1125/1131.7
VIX 13.6/14.2 (rising VIX is bearish but VIX under 15 is bullish overall)
Trin range: 1.2 - 1.7 (very bearish/contrarian)
Average VWAPs: +58/-59 (rotation out of biotech/pharma and into REITs and junior gold miners)

Banks, financials getting some love
April 14, 2016

Intraday Notes (2:20pm ET): Financial etf (XLF) and bank etfs (KRE, KBE, IAT) pushing above resistance levels could signal the start of a new rally in this sector.

2:20 pm ET: Intraday support/resistance:
SPX 2078/2088
DTX 764.8/803.6
DJIA 17885/17970
Nasdaq 4832/4962
RUT 1125.1/1132.1
VIX 13.35/14.15 (VIX under 15 is bullish)
Trin range: 0.7 - 1.1 (bullish to neutral)
Average VWAPs: +52/-52 (bulls and bears not doing much of anything today)

China breaks to the upside
April 13, 2016

Intraday Notes (1pm ET): Oodles of positive action across the global markets today. Besides the beauty rally in the US markets--where we are seeing the S&P, Nasdaq, and the Russell 2000 (RUT) moving above recent resistance--many global markets are also breaking to the upside. China in particular is today's stand-out. Popular Chinese exchange traded funds are up 2-4%: FXI, CHN, CAF, GXC, HAO. The triple-long fund, YINN, is up nearly 11%. All of these funds have broken out of recent consolidation patterns on heavier than normal volume. Note that a rally in Chinese stocks (based on positive views of the country's economy) will likely be very good for commodities, especially copper, steel, and oil.

Other country funds breaking out are the following: Japan (EWJ), Brazil (BRF), Latin America (ILF).

Commodities continue to rally. In recent weeks we've seen gold (GLD, IAU, PHYS), silver (SLV, PSLV), gold miners (GDX, GDXJ), and silver miners (SIL) all break out. In fact, they've all just moved out of the death cross pattern (very bearish) to the golden cross pattern (very bullish). Also moving into the bullish metals camp today are the miners (XME) and lithium (LIT). Both broke out of consolidation bases and both are forming golden crosses.

1:50 pm ET: Intraday support/resistance:
SPX 2065.9/2083.3
DTX 778.5/803.5
DJIA 17740/17960
Nasdaq 4904/4948
RUT 11106.5/1131.1
VIX 13.45/14.55 (falling VIX is bullish; VIX dropping below 15 means the bulls are back in the house)
Trin range: 0.7 - 1.1 (bullish to neutral)
Average VWAPs: +93/-46 (bullish)

Investors bidding up oil producers (XOP) on oil freeze hopes
April 12, 2016

Intraday Notes (1pm ET): Hopes that the current OPEC meeting will result in a production freeze prompted a buying frenzy in oil producer stocks. One major oil producer tracking stock, XOP, has rallied 6.5% today (at the time of this writing) and is testing a major resistance level. A continued rally here would be very bullish for the energy producers.

1:00 pm ET: Intraday support/resistance:
SPX 2039.75/2061.75
DTX 769/778
DJIA 17555/17765
Nasdaq 4809/4881
RUT 1091.7/1109.1
VIX 15/16.55 (VIX over 15 is bearish)
Trin range: 0.7 - 1.05 (bullish to neutral)
Average VWAPs: +102/-34 (bullish, mostly reflecting money moving into oil producers)

Steel (SLX), Silver Miners (SIL) pop above key resistance on heavy volume
April 11, 2016

1:45 pm ET: Intraday support/resistance:
SPX 2047/2063
DTX 772/784
DJIA 17570/17730
Nasdaq 4848/4898
RUT 1093/1110.4
VIX 14.85/15.85 (VIX over 15 means bulls are losing control)
Trin range: 0.8 - 1.1 (bullish to neutral)
Average VWAPs: +34/-83 (mildly bearish; rotation out of biotech/pharma/healthcare continues)

Gold miner etfs pop to new yearly highs (GDX, GDXJ)
April 8, 2016

2:05 pm ET: Intraday support/resistance:
SPX 2041.9/2060.6
DTX 767/782
DJIA 17525/17695
Nasdaq 4833/4893
RUT 1094/1106
VIX 14.85/15.75 (VIX over 15 means bulls are losing control)
Trin range: 0.9 - 1.3 (neutral to bearish)
Average VWAPs: +46/-71 (mildly bearish; rotation back out of biotech and into energy)

Risk-off: Gold, bonds, Yen soar
April 7, 2016

2:05 pm ET: Intraday support/resistance:
SPX 2038/2063
DTX 764.6/773.4
DJIA 17515/17685
Nasdaq 4848/4901
RUT 1094.1/1107.9
VIX 14.7/16.1 (rising VIX is bearish; VIX moving back over 15 means bulls are losing their grip)
Trin range: 0.7 - 1.1 (rising Trin from morning low is bearish)
Average VWAPs: +27/-126 (bearish)

Bulls charge back; Yen soars to new yearly high
April 6, 2016

1:50 pm ET: Intraday support/resistance:
SPX 2043/2063
DTX 765.6/777.4
DJIA 17540/17700
Nasdaq 4849/4911
RUT 1094.25/1106.75
VIX 14/16 (falling VIX is bullish; VIX under 15 means bulls are back in control)
Trin range: 0.65 - 1.0 (bullish)
Average VWAPs: +134/-32 (bullish)

Panama Papers ignites volatility and bonds
April 5, 2016

2:00 pm ET: Intraday support/resistance:
SPX 2042.5/2062.5
DTX 776/782
DJIA 17580/17720
Nasdaq 4841/4873
RUT 1097/1107
VIX 15/15.8 (big jump in VIX is bearish and VIX back over 15 means bears now have the edge)
Trin range: 0.6 - 0.9 (bullish!)
Average VWAPs: +58/-56 (rotation back out of riskier assets (biotech/pharma))

Biotech/Healthcare/Pharma get a shot in the arm
April 4, 2016

Intraday Notes (2pm ET): There's been a rotational battle going on in the biotech/healthcare/pharma sector. One day investors are rushing in to buy, the next day they are heading for the exits. It's been enough to give investors a migraine! The healthcare sector overall has been in a consolidation phase for the last couple of months following a sell-off that began at the beginning of the year. Today's action, however, indicates that the churning may be over and a new rally commencing. Several biotech etfs--IBB, FBT, BBH--all gapped above recent resistance as did the medical device etf, IHI, and the health care etf, XLV. Continued follow-through to the upside would be a strong indication that a new rally is underway.

1:55 pm ET: Intraday support/resistance:
SPX 2065/2074
DTX 781.5/793
DJIA 17735/17805
Nasdaq 4888/4918
RUT 1111.6/1119.4
VIX 13.65/14.25 (VIX under 15 is bullish)
Trin range: 0.8 - 1.2 (bull/bear seesaw)
Average VWAPs: +58/-86 (bulls losing their grip mid-day)

Munis on the move
April 1, 2016

Intraday Notes (2pm ET): Investors continue to chase yield as evidenced by the thirteen muni bond funds appearing on today's Yearly High List. Most muni bond funds currently are yielding in the 5-6.5% range; the John Hancock Premium Bond Fund (PDT), one of today's chart toppers, boasts a yield of 7.1%
1:55 pm ET: Intraday support/resistance:
SPX 2044/2068.7
DTX 779.2/792.5
DJIA 17565/17765
Nasdaq 4832/4906
RUT 1102.1/1118.4
VIX 13.4/15.25 (VIX under 15 is bullish; VIX over 15 means bulls are losing control)
Trin range: 1.0 - 1.3 (neutral to bearish)
Average VWAPs: +117/-38 (bullish)

Corn slumps to a multi-year low
March 31, 2016

Intraday Notes (2pm ET): The Corn etf (CORN) notched a major loss today and is currently down over 4%. This marks the biggest loss for this exchange traded fund since last August. The $20 level is acting as near-term support.
2:00 pm ET: Intraday support/resistance:
SPX 2062/2068
DTX 791.5/799.5
DJIA 17705/17755
Nasdaq 4865/4891
RUT 1110/1118
VIX 13.5/14 (VIX under 15 is bullish)
Trin range: 0.85 - 1.3 (neutral to bearish)
Average VWAPs: +54/-71 (bears currently with a small edge)

Greenback testing support
March 30, 2016

Intraday Notes (2pm ET): The long US Dollar etf, UUP, is testing major support at $24.50 and is showing signs of a rebound. But please note that this etf has been caught in a downward trend since December.
2:00 pm ET: Intraday support/resistance:
SPX 2057.8/2072.2
DTX 794.1/803.4
DJIA 17650/17800
Nasdaq 4851/4899
RUT 1106.7/1117.3
VIX 13.05/14.15 (falling VIX is bullish)
Trin range: 0.7 - 1.35 (wide range indicates bull/bear seesaw)
Average VWAPs: +48/-78 (more bull/bear seesawing)

Gold pops/Dollar drops following Fed remarks
March 29, 2016

2:00 pm ET: Intraday support/resistance:
SPX 2028.3/2048.7
DTX 780/794
DJIA 17435/17625
Nasdaq 4750/4825
RUT 1075.4/1099.6
VIX 14.5/15.3 (VIX falling back under 15 is bullish)
Trin range: 1.35 - 2.0 (very bearish/contrarian)
Average VWAPs: +147/-22 (very bullish; rotation back into risk-on trade & transports)

Bulls charge back after opening rout
March 28, 2016

1:50 pm ET: Intraday support/resistance:
SPX 2032/2042
DTX 781.2/793.8
DJIA 17490/17570
Nasdaq 4757/4787
RUT 1073.5/1085.5
VIX 14.85/16.05 (VIX moving over 15 means bulls are losing control)
Trin range: 0.9 - 1.5 (Trin falling from early contrarian value (near 1.5) is bullish)
Average VWAPs: +76/-36 (rotation out of utilities but not a lot of conviction buying)

Bulls losing their grip as VIX moves back above 15
March 24, 2016

1:45 pm ET: Intraday support/resistance:
SPX 2022.5/2033.5
DTX 784.9/793.4
DJIA 17400/17490
Nasdaq 4735/4775
RUT 1065.6/1077.9
VIX 15.15/16.45 (rising VIX is bearish; VIX moving back over 15 means bulls are losing control)
Trin range: 0.85 - 1.3 (neutral to bearish)
Average VWAPs: +87/-66 (rotation out of biotech/healthcare/pharma (again!) and into energy producers)

Investors move right back out of biotech; Greenback jumps; Sugar (SGG) continues to soar
March 23, 2016

1:55 pm ET: Intraday support/resistance:
SPX 2037.2/2048.6
DTX 793.1/803.9
DJIA 17505/17605
Nasdaq 4777/4817
RUT 1082/1098
VIX 14.35/14.95 (rising VIX is bearish but VIX below 15 means bulls are still in control)
Trin range: 0.9 - 1.25 (neutral)
Average VWAPs: +61/-97 (rotation back out of biotech)

Investors piling back into biotech/healthcare/pharma
March 22, 2016

1:50 pm ET: Intraday support/resistance:
SPX 2040.6/2059.4
DTX 798/806
DJIA 17540/17660
Nasdaq 4782/4844
RUT 1090/1103
VIX 13.6/14.75 (VIX below 15 means bulls are back in control)
Trin range: 0.9 - 1.2 (neutral)
Average VWAPs: +109/-38 (bullish)

REITs tumble on unexpected drop in home sales
March 21, 2016

2:00 pm ET: Intraday support/resistance:
SPX 2043.1/2053.9
DTX 803.4/811.6
DJIA 17550/17670
Nasdaq 4785/4810
RUT 1095.6/1103.6
VIX 13.65/14.75 (VIX below 15 means bulls are back in control)
Trin range: 0.75 - 1.5 (Trin falling from early morning 1.5 level is bullish)
Average VWAPs: +68/-56 (some rotation out of REITs and into biotech)

Fickle investors moving back into biotech, healthcare, pharma
March 18, 2016

1:55 pm ET: Intraday support/resistance:
SPX 2041.6/2054.4
DTX 795/814
DJIA 17480/17620
Nasdaq 4772/4808
RUT 1091/1103
VIX 13.65/14.35 (VIX below 15 means bulls are back in control)
Trin range: 1.0 - 1.45 (bearish)
Average VWAPs: +109/-73 (heaving rotation back into biotech/healthcare/pharma)

Luck 'o the Irish blankets the market with a sea of green
March 17, 2016

1:30 pm ET: Intraday support/resistance:
SPX 2022.2/2043.8
DTX 772.5/806.5
DJIA 17300/17520
Nasdaq 4738/4777
RUT 1070/1090
VIX 13.6/15.4 (falling VIX is bullish: VIX moving beneath 15 means bulls are back in control)
Trin range: 0.7 - 1.0 (bullish)
Average VWAPs: +107/-43 (bullish)

Sell-off continues in biotech, healthcare, pharma
March 16, 2016

1:30 pm ET: Intraday support/resistance:
SPX 2008/2019
DTX 759.6/769.4
DJIA 17195/17275
Nasdaq 4714/4745
RUT 1063.7/1073.7
VIX 15.65/16.6 (falling VIX is bullish but VIX over 15 means bears are still in the drivers' seat)
Trin range: 0.9 - 1.25 (neutral)
Average VWAPs: +39/-101 (higher negative VWAPs are a reflection of the sell-off in biotech, pharma, healthcare)

Market quiet ahead of the Fed
March 15, 2016

1:50 pm ET: Intraday support/resistance:
SPX 2005.25/2017.25
DTX 760.5/767
DJIA 17120/17280
Nasdaq 4712/4736
RUT 1067.3/1082.7
VIX 16.85/17.65 (VIX over 15 means bears are still in the drivers' seat)
Trin range: 1.1 - 1.4 (rising Trin is bearish)
Average VWAPs: +72/-64 (bull/bear stand-off)

Market takes time out to eat some pi
March 14, 2016

2:05 pm ET: Intraday support/resistance:
SPX 2012/2022
DTX 765.2/771.4
DJIA 17160/17260
Nasdaq 4731/4765
RUT 1080/1087
VIX 16.45/17.65 (VIX over 15 means bears are still in the drivers' seat)
Trin range: 0.95 - 1.3 (rising Trin is bearish)
Average VWAPs: +77/-47 (slightly bullish but there's not much going on today)

Aussie dollar fund, FXC, breaking out of 8 month base
March 11, 2016

2:00 pm ET: Intraday support/resistance:
SPX 1994.7/2023.3
DTX 754.3/771.3
DJIA 17015/17230
Nasdaq 4709/4737
RUT 1066.1/1082.5
VIX 16.25/17.25 (falling VIX is bullish but VIX over 15 means bears are still in the drivers' seat)
Trin range: 0.75 - 1.05 (falling Trin is bullish)
Average VWAPs: +106/-45 (bullish)

Bears gaining momentum
March 10, 2016

Intraday Notes (2pm ET): The risk-off trade is evident by the rotation out of biotech, healthcare, pharma, and internet and into utilities, energy producers & servicers, and gold miners. News from the ECB (European Central Bank) sent the euro soaring (FXE) at the the expense of the greenback (UUP).

2:00 pm ET: Intraday support/resistance:
SPX 1965/2005
DTX 740/749.8
DJIA 16810/17130
Nasdaq 4604/4716
RUT 1051/1079
VIX 17.05/19.85 (rising VIX is bearish but VIX under 20 means bears are not fully in control)
Trin range: 0.8 - 1.5 (bearish to neutral)
Average VWAPs: +56/-147 (bearish)

Bulls and bears play seesaw
March 9, 2016

2:00 pm ET: Intraday support/resistance:
SPX 1979.3/1992.7
DTX 749.9/754.6
DJIA 16950/17050
Nasdaq 4642/4675
RUT 1067.1/1073.9
VIX 18.3/19.1 (rising VIX is bearish but VIX under 20 means bears are not fully in control)
Trin range: 0.7 - 1.4 (falling Trin is bullish)
Average VWAPs: +94/-48 (bulls with the edge--for now)

Bulls clawing back from opening rout
March 8, 2016

1:50 pm ET: Intraday support/resistance:
SPX 1979.5/2000.5
DTX 750.75/768.25
DJIA 16920/17100
Nasdaq 4656/4704
RUT 1073/1093
VIX 17.6/18.8 (rising VIX is bearish but VIX under 20 means bears are not fully in control)
Trin range: 1.2 - 1.6 (very bearish to contrarian)
Average VWAPs: +84/-66 (bull/bear battle)

Rising tide lifts dry bulk shippers
March 7, 2016

2:10 pm ET: Intraday support/resistance:
SPX 1989.4/2009.6
DTX 757.5/771.5
DJIA 16940/17120
Nasdaq 4683/4732
RUT 1078/1096
VIX 16.75/18.05 (rising intraday VIX is bearish but VIX under 20 means bears are not fully in control)
Trin range: 0.6 - 0.9 (bullish)
Average VWAPs: +75/-95 (bears trying to hone in on the bulls)

Commodities wake up
March 4, 2016

1:45 pm ET: Intraday support/resistance:
SPX 1986.75/2010.25
DTX 759/773
DJIA 16900/17080
Nasdaq 4688/4744
RUT 1073.8/1088.2
VIX 15.8/17.1 (falling VIX is bullish; bulls almost in control)
Trin range: 0.5 - 0.6 (extremely bullish; this is the narrowest Trin range I've seen in ages)
Average VWAPs: +137/-51 (very bullish)

Gold bugs cheer Golden Cross in Gold etfs (GLD, IAU)
March 3, 2016

1:40 pm ET: Intraday support/resistance:
SPX 1977.4/1986.6
DTX 730.7/761.3
DJIA 16820/16900
Nasdaq 4675/4706
RUT 1064.9/1073.2
VIX 16.45/17.55 (falling VIX is bullish; bears are losing control)
Trin range: 0.75 - 1.2 (bullish to neutral)
Average VWAPs: +98/-68 (bullish but bears still in the picture)

Market takes a time-out to digest yesterday's gains
March 2, 2016

2:00 pm ET: Intraday support/resistance:
SPX 1968.5/1984.2
DTX 746.4/752.6
DJIA 16765/16895
Nasdaq 4665/4695
RUT 1052.2/1062.2
VIX 17.2/17.8 (falling VIX is bullish; VIX below 20 means bears are losing control)
Trin range: 0.45 - 0.9 (extremely bullish but Trin below 0.50 is contrarian--a reversal in the offing?)
Average VWAPs: +90/-75 (bullish)

Risk-on trade providing fodder for the bulls
March 1, 2016

2:15 pm ET: Intraday support/resistance:
SPX 1937.1/1979.9
DTX 736.9/754.1
DJIA 16545/16905
Nasdaq 4582/4688
RUT 1035.5/1052.5
VIX 17.8/20.2 (falling VIX is bullish; VIX below 20 means bears are losing control)
Trin range: 1.0 - 2.0 (early morning high Trin was very contrarian; falling Trin is bullish)
Average VWAPs: +143/-66 (bullish)

Rotation seesawing back out of biotech/pharma/healthcare
February 29, 2016

2:05 pm ET: Intraday support/resistance:
SPX 1943.4/1958.3
DTX 735.3/743.7
DJIA 16600/16725
Nasdaq 4584/4620
RUT 1036.1/1044.9
VIX 18.4/21.1 (bearish)
Trin range: 0.8 - 1.15 (neutral)
Average VWAPs: +52/-108 (bears gaining steam)

Investors exiting safer assets
February 26, 2016

1:55 pm ET: Intraday support/resistance:
SPX 1947/1963
DTX 737.75/748.25
DJIA 16605/16795
Nasdaq 4571/4619
RUT 1031.6/1041.4
VIX 18.9/20.1 (falling VIX is bullish)
Trin range: 0.75 - 1.05 (bullish to neutral)
Average VWAPs: +87/-85 (rotation out of consumer staples, utilities, Treasuries and into biotech, pharma)

Consumer staples (XLP) hits all-time high
February 25, 2016

2:05 pm ET: Intraday support/resistance:
SPX 1925.4/1948
DTX 725/735
DJIA 16460/16630
Nasdaq 4517/4569
RUT 1020.5/1029.5
VIX 19.75/21.25 (falling VIX is bullish)
Trin range: 0.8 - 1.4 (Trin falling from 1.4 is bullish)
Average VWAPs: +124/-45 (bullish)

Yen soars as Pound continues to tumble
February 24, 2016

1:40 pm ET: Intraday support/resistance:
SPX 1891/1918
DTX 713/729
DJIA 16165/16425
Nasdaq 4426/4501
RUT 996.7/1114.7
VIX 21.35/22.85 (rising VIX is bearish; VIX above 20 indicates bears are in control)
Trin range: 0.85 - 1.2 (falling Trin is bullish)
Average VWAPs: +153/-43 (very bullish)

Brit pound sinks to seven year low
February 23, 2016

2:05 pm ET: Intraday support/resistance:
SPX 1919.6/1942.4
DTX 727.9/740.1
DJIA 16410/16610
Nasdaq 4506/4558
RUT 1012.5/1023.5
VIX 19.55/21.35 (rising VIX is bearish; VIX rising back above 20 indicates bears are back in control)
Trin range: 1.25 - 1.65 (very bearish to contrarian)
Average VWAPs: +73/-80 (bull/bear battle)

Bulls cheer as VIX falls below 20
February 22, 2016

12:35 pm ET: Intraday support/resistance:
SPX 1924.4/1947.2
DTX 734.1/748.5
DJIA 16415/16645
Nasdaq 4546.5/4580.1
RUT 1010.4/1028.2
VIX 18.65/20.35 (falling VIX is bullish; VIX falling below 20 indicates bear strength is weakening)
Trin range: 0.6 - 0.8 (very bullish)
Average VWAPs: +85/-60 (bulls with the edge)

Risk-on trade returns as oil, greenback, and volatility fall
February 19, 2016

12:45 pm ET: Intraday support/resistance:
SPX 1902.3/1923.4
DTX 719.25/729.75
DJIA 16280/16430
Nasdaq 4455/4525
RUT 998.3/1012.7
VIX 20.85/22.85 (falling VIX is bullish but VIX over 20 means bears are still in control)
Trin range: 1.35 - 1.8 (bearish/contrarian)
Average VWAPs: +114/-37 (bullish)

Market stall doesn't stop volatility from shrinking
February 18, 2016

Intraday Notes (2pm ET): The market is spending the day digesting gains of the past several days. That's not remarkable, but what is interesting is that volatility isn't resting with it. Rather, it continues to decline--a good sign for the bulls. What would even make the bulls even happier is to see the VIX close under 20. That would indicate that the bears reign is waning and the bulls could own the market again should the VIX continue to drop.

On days of rest, it's not unusual to see rotation out of areas that were popular during the recent rally and back into areas that weren't. We're seeing just that today with money flowing back out of biotech, internet & software stocks, and rails, and back into utilities, bonds, and precious metals. In particular, gold miners staged a nice rally today. While precious metals and their miners have been rising out of multi-year lows, the recent volatility in this area has made it difficult for technicians to tell whether any rally is for real. However, continued strength to the upside would be a good indication that this rally does indeed have legs.

1:20 pm ET: Intraday support/resistance:
SPX 1916/1930
DTX 724/734
DJIA 16400/16500
Nasdaq 4491/4549
RUT 1004.9/1013.6
VIX 21.2/22.5 (falling VIX is bullish but VIX over 20 means bears are still in control)
Trin range: 1.2 - 1.9 (rising Trin is bearish but Trin above 1.5 is contrarian)
Average VWAPs: +64/-110 (bearish)

Risk-on as the bull stampede continues
February 17, 2016

1:05 pm ET: Intraday support/resistance:
SPX 1898.8/1931.2
DTX 722.3/738.3
DJIA 16220/16480
Nasdaq 4464/4546
RUT 997.8/1021.2
VIX 22.05/24.15 (falling VIX is bullish but VIX over 20 means bears are still in control)
Trin range: 0.45 - 0.85 (falling Trin is bullish but Trin at or below 0.5 is contrarian)
Average VWAPs: +128/-58 (bullish)

Transports, discretionary, banks pop as precious metals & miners drop
February 16, 2016

2:10 pm ET: Intraday support/resistance:
SPX 1871.4/1898.6
DTX 704.2/723.8
DJIA 16010/16230
Nasdaq 4377/4454
RUT 972.4/1002.3
VIX 23.2/25.5 (falling VIX is bullish but VIX over 20 means bears are still in control)
Trin range: 0.8 - 1.3 (rising Trin is bearish)
Average VWAPs: +152/-44 (very bullish)

A rebound in oil buoys the market
February 12, 2016

1:15 pm ET: Intraday support/resistance:
SPX 1833.4/1861.6
DTX 690.3/709.1
DJIA 15690/15965
Nasdaq 4274/4346
RUT 955.3/974.7
VIX 25.15/27.55 (falling VIX is bullish but VIX over 20 means bears are in control)
Trin range: 0.75 - 0.95 (falling Trin is bullish)
Average VWAPs: +87/-70

Bank etfs fall below major support levels
February 11, 2016

Market Notes (2pm ET): Gold jumped again following recent consolidation. The gold etf $GLD is closing in on $120 resistance and a close above that level would be an indication of continued bullishness. However, the rally could come to an abrupt halt should oil ever decide to reverse course.

A lot of rotation today out of energy producers and banks and into REITs, media, auto parts retailers, and restaurants. Three bank etfs ($KRE, $KBE, $IAT) all breached major support levels as many individual names plunged to new yearly lows ($C, $BAC, $WFC).

1:50 pm ET: Intraday support/resistance:
SPX 1813/1847
DTX 680.6/695.4
DJIA 15470/15900
Nasdaq 4202/4268
RUT 939.1/958.9
VIX 27.7/29.3 (falling VIX is bullish but VIX over 20 means bears are in control)
Trin range: 0.85 - 1.2 (neutral)
Average VWAPs: +90/-100 (rotation out of energy producers & banks; into REITs, media, auto parts retailers, restaurants)

Yen continues to soar
February 10, 2016

Market Notes (1:55pm ET): Bullish strength appears to be waning midday. Calculated support levels indicate there's a lot more room to move to the downside before the close.

Oil etfs $USO & $OIL are retesting recent lows with no capitulation in sight, unfortunately. The Yen ($FXY) continues to soar against other currencies, up 1% today and up 6.25% since 1/29.

1:40 pm ET: Intraday support/resistance:
SPX 1848.4/1881.6
DTX 698/710
DJIA 15930/16200
Nasdaq 4298/4370
RUT 962.5/983.5
VIX 24.65/26.85 (falling VIX is bullish but VIX over 20 means bears are in control)
Trin range: 1.05 - 1.8 (very bearish)
Average VWAPs: +117/-68 (bullish but bears are still in the picture)

Foreign currencies jump against the greenback
February 9, 2016

1:55 pm ET: Intraday support/resistance:
SPX 1832.7/1861.9
DTX 684.3/703.7
DJIA 15845/16055
Nasdaq 4210/4330
RUT 955/975
VIX 26.3/28.3 (rising VIX is bearish; VIX over 20 means bears are in control)
Trin range: 0.7 - 1.2 (neutral)
Average VWAPs: +69/-127 (bearish)

Investors continue to dump healthcare, biotech, internet, software
February 8, 2016

1:25 pm ET: Intraday support/resistance:
SPX 1826.75/1873.25
DTX 678.2/691.8
DJIA 15755/16150
Nasdaq 4229/4291
RUT 951.4/982.2
VIX 25.7/27.3 (rising VIX is bearish: VIX over 20 means bears are in control)
Trin range: 0.8 - 1.2 (neutral)
Average VWAPs: +73/-177 (very bearish)

Dismal LinkedIn report causing investors to flee riskier assets for the safety of utilities
February 5, 2016

2:05 pm ET: Intraday support/resistance:
SPX 1872/1913
DTX 693/707
DJIA 16155/16425
Nasdaq 4367/4493
RUT 989.7/1014.3
VIX 21.9/23.7 (rising VIX is bearish: VIX over 20 means bears are in control)
Trin range: 0.8 - 1.2 (neutral)
Average VWAPs: +59/-200 (very bearish)

Bulls cheer as Transports power higher
February 4, 2016

1:45 pm ET: Intraday support/resistance:
SPX 1900.5/1929.5
DTX 683.2/707.8
DJIA 16265/16510
Nasdaq 4464/4546
RUT 1008.5/1025.5
VIX 21.15/22.85 (VIX over 20 means bears are in control)
Trin range: 0.7 - 1.1 (bullish to neutral)
Average VWAPs: +81/-134 (bearish but bulls gaining strength)

Investors jumping into gold and yen/dumping internet, biotech, healthcare, consumer discretionary
February 3, 2016

2:00 pm ET: Intraday support/resistance:
SPX 1871/1914
DTX 665.6/687.4
DJIA 1596016280
Nasdaq 4417/4547
RUT 989/1017
VIX 21.4/24.2 (rising VIX is bearish; VIX over 20 means bears are in control)
Trin range: 0.8 - 1.3 (falling Trin is bullish)
Average VWAPs: +70/-157 (bearish but high +VWAPs indicate buying in gold miners & energy producers)

Distribution continues in biotech, foreign banks
February 2, 2016

1:55 pm ET: Intraday support/resistance:
SPX 1899.75/1937.25
DTX 675.75/694.75
DJIA 16110/16420
Nasdaq 4525/4590
RUT 1005/1030.6
VIX 21/22 (rising VIX is bearish; VIX over 20 means bears are in control)
Trin range: 1.3 - 1.9 (rising Trin is bearish; Trin over 1.5 is contrarian-->market reversal imminent?)
Average VWAPs: +45/-149 (very bearish)

Income stocks dominating the New Highs List
February 1, 2016

1:50 pm ET: Intraday support/resistance:
SPX 1920.3/1939.7
DTX 684.9/697.1
DJIA 16300/16460
Nasdaq 4565/4620
RUT 1020.6/1034.2
VIX 19.85/21.75 (VIX over 20 means bears are still in control)
Trin range: 0.85 - 1.35 (rising Trin is bearish)
Average VWAPs: +106/-50 (bullish)

Investors bidding up aero & defense stocks, REITs
January 29, 2016

2:00 pm ET: Intraday support/resistance:
SPX 1894/1932
DTX 669.4/687.8
DJIA 16090/16430
Nasdaq 4511/4589
RUT 1003.5/1026.5
VIX 19.75/21.75 (falling VIX is bullish but VIX over 20 means bears are still in control)
Trin range: 0.8 - 1.8 (Trin falling from early morning 1.8 reading is very bullish)
Average VWAPs: +121/-76 (bullish)

Big rotation out of healthcare/pharma and into utes/consumer staples
January 28, 2016

1:55 pm ET: Intraday support/resistance:
SPX 1873/1903
DTX 663/679
DJIA 15865/16105
Nasdaq 4448/4553
RUT 1000.4/1015.4
VIX 21.9/23.8 (VIX over 20 means bears are still in control)
Trin range: 1.05 - 1.65 (rising Trin is bearish but Trin over 1.5 is contrarian--could signal a pending reversal)
Average VWAPs: +71/-132 (bearish but bulls are still around)

Market mixed ahead of the Fed
January 27, 2016

1:45 pm ET: Intraday support/resistance:
SPX 1887.4/1917.6
DTX 681.2/692.8
DJIA 15990/16235
Nasdaq 4503/4569
RUT 1008.3/1023.3
VIX 21.5/23.5 (VIX over 20 means bears are still in control)
Trin range: 0.5 - 0.9 (Trin at or below 0.5 is contrarian)
Average VWAPs: +86/-78 (bull/bear battle)

Gold pushes above resistance
January 26, 2016

1:55 pm ET: Intraday support/resistance:
SPX 1878.8/1909.2
DTX 666.6/683.4
DJIA 15895/16225
Nasdaq 4504/4593
RUT 998.2/1020.6
VIX 21.9/24 (VIX over 20 means bears are still in control)
Trin range: 0.5 - 1.0 (falling Trin is bullish)
Average VWAPs: +129/-44 (bullish)

Investors shunning energy producers
January 25, 2016

2:00 pm ET: Intraday support/resistance:
SPX 1887.7/1906.3
DTX 667/677
DJIA 15965/16085
Nasdaq 4556.5/4590.5
RUT 1005.4/1019.4
VIX 22.25/23.75 (VIX over 20 means bears are still in control)
Trin range: 1.0 - 1.4 (rising Trin is bearish)
Average VWAPs: +56/-98 (moderately bearish)

Internet stocks stage strong rebound
January 22, 2016

1:40 pm ET: Intraday support/resistance:
SPX 1877.4/1907.6
DTX 670/688
DJIA 15905/16135
Nasdaq 4540/4585
RUT 999.8/1023.2
VIX 22.75/24.25 (falling VIX is bullish but VIX over 20 means bears are still in control)
Trin range: 0.95 - 1.3 (rising Trin is bearish)
Average VWAPs: +94/-75 (bulls with the edge)

Bulls trying to hang on
January 21, 2016

1:30 pm ET: Intraday support/resistance:
SPX 1849/1901
DTX 655.4/677.6
DJIA 15705/16095
Nasdaq 4432/4568
RUT 992/1018
VIX 24.55/28.45 (VIX over 20 means bears are in control)
Trin range: 0.5 - 0.8 (falling Trin is bullish but Trin near 0.5 is contrarian)
Average VWAPs: +71/-122 (bears gaining strength in mid-day trading)

Bulls step in mid-day to stop the hemorrhaging
January 20, 2016

2:00 pm ET: Intraday support/resistance:
SPX 1805/1877
DTX 640.3/666.7
DJIA 15450/15950
Nasdaq 4313/4487
RUT 958.5/994.5
VIX 26.9/32.1 (VIX over 30 is bearish contrarian)
Trin range: 0.9- 1.2
Average VWAPs: +256/-63 (extremely bullish to contrarian (!): rotation back into riskier assets--biotech, healthcare, pharma, IT and out of safer assets--utilities, staples, REITs)

Investors continue to dump riskier assets
January 19, 2016

1:50 pm ET: Intraday support/resistance:
SPX 1871/1901
DTX 663/677
DJIA 15970/16170
Nasdaq 4464/4550
RUT 992.2/1017.8
VIX 25.2/27.3 (VIX over 20 indicates bears are in control)
Trin range: 0.8 - 1.2 (falling Trin is bullish)
Average VWAPs: +47/-187 (very bearish: rotation continues out of biotech & energy pipelines and flowing into utilities and REITs)

***The Stock Market Cook Book is on hiatus until Dr. Kris recovers from the flu.***
January 13, 2016

Rotation out of biotech & healthcare continues
January 12, 2016

1:40 pm ET: Intraday support/resistance:
SPX 1907.6/1947.4
DTX 688.4/697.6
DJIA 16310/16590
Nasdaq 4625/4715
RUT 1031/1057
VIX 21.9/24.1 (VIX over 20 indicates bears are in control)
Trin range: 1.05 - 1.6 (rising Trin is bearish; Trin over 1.5 is contrarian)
Average VWAPs: +38/-162 (bearish)

Russell 2000 & Dow Transports sink to multi-year lows
January 11, 2016

2:10 pm ET: Intraday support/resistance:
SPX 1899/1936
DTX 678.5/699.5
DJIA 16220/16460
Nasdaq 4557/4683
RUT 1029.2/1052.6
VIX 25.2/27.8 (rising VIX is bearish; VIX over 20 indicates bears are in control)
Trin range: 0.8 - 1.25
Average VWAPs: +51/-148 (bearish: mass exodus out of biotech/pharma/healthcare)

Every cloud has a silver lining
January 8, 2016

One might construe that our first big El Nino storm is but a reflection of the bearish tone in the stock market. Here in Palm Springs, our first storm brought over 2 inches of rain--that's more than our average annual rainfall. Storms in the desert can be especially hazardous because of flash flooding leading to accidents, road closures, and traffic snarls. The other downside is that homeowners finally get to see if their roofs are waterproof. When the hot water went out, I found out the hard way that my roof is definitely in need of repair.

But there's always a bright side. Yesterday, I woke up to puffy clouds playing peek-a-boo with the freshly dusted snow-capped mountains. But the piece de resistance was the rainbow (shown above) that pierced the downtown air in front of Mt. San Jacinto. Since Palm Springs boasts at least 350 days of sunshine a year, this was a rare sight indeed. There's always a rainbow somewhere...

1:55 pm ET: Intraday support/resistance:
SPX 1929.6/1960.4
DTX 698.2/705.8
DJIA 16430/16650
Nasdaq 4663/4743
RUT 1052/1072
VIX 22.5/25.3 (VIX over 20 indicates bears are in control)
Trin range: 0.75 - 1.6 (bull/bear battle)
Average VWAPs: +52/-123 (bearish)

Gold breaking out in the continuing flight to safety
January 7, 2016

2:00 pm ET: Intraday support/resistance:
SPX 1941.7/1985.3
DTX 695.5/718.5
DJIA 16510/16890
Nasdaq 4672/4788
RUT 1059/1091
VIX 22.4/25.2 (rising VIX is bearish; VIX over 20 indicates bears are in control)
Trin range: 0.8 - 1.05 (bullish to neutral (!))
Average VWAPs: +53/-194 (bearish: rotation out of biotech, consumer discretionary, internet, semis, aero & defense, auto components & auto parts retailers; into gold & silver and their miners (GLD, IAU, SLV, GDX, GDXJ, SIL))

Investors ditch high risk issues in a continuing flight to safety
January 6, 2016

2:00 pm ET: Intraday support/resistance:
SPX 1983.3/2011.7
DTX 720.5/733.5
DJIA 16845/17155
Nasdaq 4814/4866
RUT 1092.5/1109.5
VIX 20.2/21.8 (rising VIX is bearish; VIX over 20 indicates bears are in control)
Trin range: 1.05 - 1.7 (bearish/contrarian)
Average VWAPs: +55/-107 (bearish: rotation out of biotech, consumer discretionary and into multi-utes, consumer staples (especially tobacco--MO, RAI, PM))

Bulls trying to recover from their New Year's hangover
January 5, 2016

1:55 pm ET: Intraday support/resistance:
SPX 1999.1/2020.9
DTX 727.4/738.6
DJIA 17005/17195
Nasdaq 4863/4927
RUT 1104.3/1112.7
VIX 19.45/21.05 (falling VIX is bullish; VIX over 20 indicates bears are still in control)
Trin range: 1.0 - 1.8 (rising Trin is bearish but Trin at 1.8 is contrarian)
Average VWAPs: +87/-66 (rotation out of healthcare, biotech and into airlines/air freight, utes, REITs)

Global sell-off rings in the New Year
January 4, 2016

1:55 pm ET: Intraday support/resistance:
SPX 1976.8/2038.2
DTX 725.9/749.1
DJIA 16935/17405
Nasdaq 4838/4902
RUT 1096/1134
VIX 20.95/23.55 (rising VIX is bearish; VIX over 20 indicates bears are in control)
Trin range: 0.65 - 1.1 (bullish to neutral (!))
Average VWAPs: +90/-84 (bull/bear battle)

Merry Christmas & Happy Holidays!
December 24, 2015














Happy holidays from all of us at the Stock Market Cook Book. We will be returning to our regularly scheduled programming on January 4th.

Oil pops fueling the Santa rally
December 23, 2015

1:15 pm ET: Intraday support/resistance:
SPX 2042.5/2063.8
DTX 751.2/762.8
DJIA 17430/17610
Nasdaq 5020/5040
RUT 1139/1156
VIX 15.6/16.2 (falling VIX is bullish but VIX over 15 is overall bearish)
Trin range: 0.5 - 0.9 (falling Trin is bullish but Trin at or below 0.5 is contrarian)
Average VWAPs: +91/-48 (bullish)

Is Santa staging a late season rally?
December 22, 2015

2:15 pm ET: Intraday support/resistance:
SPX 2020.5/2041.5
DTX 742/752
DJIA 17240/17440
Nasdaq 4964/4995
RUT 1123.7/1136.3
VIX 16.8/18.2 (falling VIX is bullish but VIX over 15 is bearish)
Trin range: 0.6 - 0.85 (falling Trin is bullish)
Average VWAPs: +116/-45 (bullish)

Markets mixed in light holiday trading/Oil continues to slide
December 21, 2015

Today's money flow:
Into: Cruise lines (CUK, RCL)
Out of: Oil producers

1:45 pm ET: Intraday support/resistance:
SPX 2005.1/2022.9
DTX 734.3/744.7
DJIA 17105/17275
Nasdaq 4929/4971
RUT 1120.6/1130.4
VIX 18.8/20.2 (VIX above 20 means bears are in control)
Trin range: 0.8 - 1.2 (neutral)
Average VWAPs: +73/-67 (bull/bear seesaw on low volume)

Gold, oil drop to multi-year lows/Dollar pops
December 17, 2015

Today's money flow:
Into: Food products, Oil/gas producers & MLPs, Utilities
Out of: Banks, Resorts/Restaurants

1:50 pm ET: Intraday support/resistance:
SPX 2043.6/2076.4
DTX 757.5/776.5
DJIA 17525/17795
Nasdaq 5017/5089
RUT 1135.4/1151.4
VIX 16.15/19.85 (falling VIX is bullish but VIX above 15 is bearish overall)
Trin range: 1.5 - 2.5 (extremely bearish/contrarian--market reversal to the upside imminent?)
Average VWAPs: +65/-80 (bull/bear battle)

Markets mixed ahead of Fed rate decision
December 16, 2015

Today's money flow:
Out of: Healthcare providers, pharma, food products, airlines
Into: Biotech, MLPs

1:45 pm ET: Intraday support/resistance:
SPX 2040.1/2059.9
DTX 755/765
DJIA 17450/17690
Nasdaq 4978/5037
RUT 1131/1141
VIX 18.85/20.65 (falling VIX is bullish but VIX above 20 indicates bears are still in charge)
Trin range: 0.85 - 1.3 (rising Trin is bearish)
Average VWAPs: +72/-77 (bull/bear standoff)

Santa rally not dead yet
December 15, 2015

Today's money flow:
Out of: Auto parts retailers, aerospace & defense
into: Biotech, financials, software

1:45 pm ET: Intraday support/resistance:
SPX 2025/2054
DTX 750.75/758.75
DJIA 17340/17630
Nasdaq 4984/5027
RUT 1117/1135
VIX 20/22 (falling VIX is bullish but VIX above 20 indicates bears are still in charge)
Trin range: 0.6 - 0.9 (bullish)
Average VWAPs: +96/-60 (moderately bullish but bears are still hanging around)

Bulls and bears going head to head
December 14, 2015

Today's money flow:
Out of: Mild selling pressure in biotech, healthcare, aerospace & defense
into: Solar

2:05 pm ET: Intraday support/resistance:
SPX 1993.25/2021.75
DTX 739.6/754.4
DJIA 17140/17380
Nasdaq 4872/4958
RUT 1108.75/1127.25
VIX 23.7/26.8 (rising VIX is bearish; VIX above 20 indicates bears are in charge)
Trin range: 0.65 - 1.4 (bull/bear battle)
Average VWAPs: +87/-82 (bull/bear battle)

S&P, Russell 2000, Nasdaq break support levels as VIX leaps over 20
December 11, 2015

Today's money flow:
Out of: All sector etfs in the red
into: Gold, treasuries, Yen

1:40 pm ET: Intraday support/resistance:
SPX 2011/2047
DTX 753/766
DJIA 17175/17575
Nasdaq 4940/4996
RUT 1123.75/1146.25
VIX 20.9/25.1 (rising VIX is bearish; VIX above 20 indicates bears are in charge)
Trin range: 1.05 - 1.3 (bearish)
Average VWAPs: +51/-106 (bearish)

Bulls desperately trying to keep Nasdaq above 5000
December 10, 2015

Today's money flow:
Out of: chemicals, REITs, rails, MLPs (yesterday's darling)
Into: biotech, healthcare providers, pharma, oil & gas explorers/producers

1:45 pm ET: Intraday support/resistance:
SPX 2045.7/2064.3
DTX 762.9/775.1
DJIA 17475/17665
Nasdaq 5019/5066
RUT 1144/1153
VIX 18.45/19.75 (VIX above 15 is bearish overall)
Trin range: 0.6 - 0.8 (bullish!)
Average VWAPs: +112/-42 (bullish)

Rotation out of internet stocks and into MLPs
December 9, 2015

1:40 pm ET: Intraday support/resistance:
SPX 2034.7/2080.3
DTX 757/773
DJIA 17390/17770
Nasdaq 5000/5106
RUT 1142.5/1165.5
VIX 16.65/20.35 (rising VIX is bearish; VIX above 15 is bearish overall; VIX over 20 indicates the bears are in charge)
Trin range: 0.5 - 0.9 (bullish!)
Average VWAPs: +34/-175 (very bearish)

Investors dumping transports & industrials
December 8, 2015

1:40 pm ET: Intraday support/resistance:
SPX 2049.1/2073.9
DTX 758.2/786.8
DJIA 17465/17705
Nasdaq 5046/5114
RUT 1151.3/1164.9
VIX 16.5/18.5 (rising VIX is bearish; VIX above 15 is bearish overall)
Trin range: 0.85 - 1.4 (rising Trin is bearish)
Average VWAPs: +114/-64 (heavy rotation out of transports, chemicals, machinery and into healthcare, pharma, biotech, oil and gas producers)

Bulls can't lift the Santa rally off the tarmac
December 7, 2015

1:50 pm ET: Intraday support/resistance:
SPX 2061.4/2090.4
DTX 786.5/801.5
DJIA 17615/17895
Nasdaq 5060/5140
RUT 1159/1183
VIX 15.6/17.4 (rising VIX is bearish; VIX above 15 is bearish overall)
Trin range: 1.0 - 1.2 (neutral to bearish)
Average VWAPs: +153/-112 (bearish)

Bulls fight to get the Santa rally back on track
December 4, 2015

2:05 pm ET: Intraday support/resistance:
SPX 2051/2096
DTX 783.2/798.8
DJIA 17485/17875
Nasdaq 5043.5/5156.5
RUT 1170.5/1185.3
VIX 14.85/17.65 (falling VIX is bullish; VIX over 15 is bearish overall)
Trin range: 1.0 - 1.3 (rising Trin is bearish!)
Average VWAPs: +134/-48 (bullish)

Support fails for Dow Transports indicating further downside
December 3, 2015

2:05 pm ET: Intraday support/resistance:
SPX 2050/2085
DTX 784.7/805.3
DJIA 17520/17780
Nasdaq 5035/5145
RUT 1177.3/1196.7
VIX 15.85/18.55 (rising VIX is bearish; VIX over 15 is bearish overall)
Trin range: 0.7 - 1.1 (falling Trin is bullish!)
Average VWAPs: +35/-256 (bearish/contrarian)

Transports derail the market
December 2, 2015

2:00 pm ET: Intraday support/resistance:
SPX 2085.75/2104.25
DTX 802.25/819.75
DJIA 17800/17900
Nasdaq 5138/5177
RUT 1195/1205
VIX 14.7/15.7 (rising VIX is bearish; VIX over 15 is bearish overall)
Trin range: 0.9 - 1.15 (rising Trin is bearish)
Average VWAPs: +39/-129 (bearish; major rotation out of railroads)

Indecision marks the first day of December
December 1, 2015

1:40 pm ET: Intraday support/resistance:
SPX 2083/2101
DTX 808.1/816.9
DJIA 17720/17920
Nasdaq 5117/5147
RUT 1194.8/1203.2
VIX 15.25/16.35 (falling VIX is bullish but VIX over 15 is bearish overall)
Trin range: 0.65 - 0.9 (falling Trin is bullish)
Average VWAPs: +79/-62 (rotation out of aerospace & defense and back into biotech)

Market slumps, biotech sells off as November draws to a close
November 30, 2015

1:40 pm ET: Intraday support/resistance:
SPX 2082.2/2093.8
DTX 809.5/823.5
DJIA 17715/17835
Nasdaq 5089/5141
RUT 1195.1/1204.9
VIX 15.5/16.9 (rising VIX is bearish; VIX over 15 is bearish overall)
Trin range: 0.9 - 1.3 (neutral to bearish)
Average VWAPs: +50/-110 (heavy rotation out of biotech)

Happy Thanksgiving!
November 26, 2015












The Stock Market Cook Book will be back on Monday, December 1st. Have a good holiday!

Rotation out of aero & defense and into oil drillers/explorers/producers
November 25, 2015

1:35 pm ET: Intraday support/resistance:
SPX 2086.3/2094.7
DTX 813.5/819.5
DJIA 17800/17860
Nasdaq 5101/5129
RUT 1188.5/1199.5
VIX 14.8/15.9 (falling VIX is bullish but VIX over 15 is bearish overall)
Trin range: 1.1 - 1.6 (bearish/contrarian)
Average VWAPs: +72/-52 (rotation out of aero & defense and into oil & gas)

Investors paying up for retailers
November 24, 2015

1:45 pm ET: Intraday support/resistance:
SPX 2070.3/2094.7
DTX 808.5/821.5
DJIA 17685/17895
Nasdaq 5050/5115
RUT 1172.9/1186.3
VIX 15.4/17.2 (VIX over 15 is bearish)
Trin range: 0.6 - 0.8 (bullish)
Average VWAPs: +128/-32 (bullish; heavy buying in retail stocks)

Major resistance putting pressure on transports
November 23, 2015

2:00 pm ET: Intraday support/resistance:
SPX 2087.6/2095.6
DTX 825.25/832.75
DJIA 17790/17870
Nasdaq 5102/5128
RUT 1173.75/1186.25
VIX 15.4/16.6 (VIX over 15 is bearish)
Trin range: 0.85 - 1.3 (rising Trin is bearish)
Average VWAPs: +64/-73 (rotation out of aerospace & rails; into retail & biotech)

Transports retesting 3 month resistance level
November 20, 2015

Intraday notes (2:15pm ET): The Santa Claus rally or not the Santa Claus rally--that is the question. And one that could be answered soon depending on the action in the Dow Transports, an index that is widely considered to be a leader in market direction. This index has been slumping since February and lately has been under consolidation. The 832 level (8320 on some charts) is proving to be an area of strong resistance. It's been tested twice and the index is testing it again today. A break above it would give legs to a rally continuation and a heightened probability that Santa will indeed be coming to town.

1:20 pm ET: Intraday support/resistance:
SPX 2082.4/2099.2
DTX 826.2/835.8
DJIA 17730/17930
Nasdaq 5095/5115
RUT 1168.4/1181
VIX 15.6/16.4 (falling VIX is bullish but VIX over 15 is bearish overall)
Trin range: 1.25 - 1.45 (bearish!)
Average VWAPs: +76/-70 (rotation out of consumer staples and into consumer discretionary)

Healthcare/biotech/pharma getting slammed on United Health warning
November 19, 2015

2:10 pm ET: Intraday support/resistance:
SPX 2078.25/2086.75
DTX 818.1/825.9
DJIA 17680/17780
Nasdaq 5067/5093
RUT 1163.7/1172.3
VIX 16.25/17.25 (falling VIX is bullish but VIX over 15 is bearish)
Trin range: 0.85 - 1.1 (neutral)
Average VWAPs: +62/-97 (heavy rotation out of healthcare/biotech/pharma)

Investors are bullish ahead of Fed minutes release
November 18, 2015

1:50 pm ET: Intraday support/resistance:
SPX 2052/2074
DTX 806.3/818.7
DJIA 17485/17675
Nasdaq 5002/5043
RUT 1153.4/1165.6
VIX 17/19 (VIX over 15 is bearish)
Trin range: 0.65 - 1.2 (bullish to neutral)
Average VWAPs: +93/-60 (bulls with the edge)

Market digesting yesterday's gains
November 17, 2015

1:50 pm ET: Intraday support/resistance:
SPX 2048.3/2066.7
DTX 801.4/814.6
DJIA 17455/17600
Nasdaq 4978/5026
RUT 1152.5/1167.5
VIX 17.45/18.55 (rising VIX is bearish and VIX over 15 is bearish)
Trin range: 0.7 - 1.25 (rising Trin is bearish)
Average VWAPs: +66/-85 (bears with the edge)

Paris terrorist attacks sparks interest in aerospace/defense stocks
November 16, 2015

Intraday notes (1:45pm ET): Investors are bidding up shares of aerospace and defense companies on heightened fears of more terrorist attacks. Defense stocks gaining in the 3%-4% range today: L3 Communications (LLL), Lockheed-Martin (LMT), Northrup-Grumman (NOC), Huntington-Ingalls (HII), and Raytheon (RTN) which is today's biggest winner of the group. The stock jumped out of recent consolidation gaining nearly 4% to hit an all-time high.

1:25 pm ET: Intraday support/resistance:
SPX 2019.4/2058.6
DTX 792.1/803.5
DJIA 17210/17440
Nasdaq 4909/4951
RUT 1140.75/1150.25
VIX 18.45/20.55 (falling VIX is bearish; VIX over 20 means bears are still in control)
Trin range: 0.7 - 1.15 (falling Trin is bullish)
Average VWAPs: +105/-44 (bullish)

Friday the 13th hexes the market as some major averages slice through support levels
November 13, 2015

2:10 pm ET: Intraday support/resistance:
SPX 2025.4/2044.6
DTX 799.8/809.2
DJIA 17260/17440
Nasdaq 4931/4989
RUT 1144.4/1159.6
VIX 18.2/20.4 (rising VIX is bearish; VIX over 15 is bearish overall; VIX over 20 means bears are in control)
Trin range: 1.1 - 1.6 (bearish to contrarian)
Average VWAPs: +78/-94 (major rotation out of restaurants, retail and internet companies and into healthcare, pharma, biotech, and chemical companies)

Market gearing up for next major move--but will it be up or down?
November 11, 2015

2:10 pm ET: Intraday support/resistance:
SPX 2075/2087
DTX 817.75/825.25
DJIA 17695/17805
Nasdaq 5064/5111
RUT 1177.5/1190
VIX 15/16 (falling VIX is bullish but VIX over 15 is bearish overall)
Trin range: 1.1 - 1.4 (bearish to contrarian)
Average VWAPs: +68/-91 (bears with the edge)

Downbeat iphone sales forecast putting pressure on tech & semis
November 10, 2015

Intraday Notes (2:10pm ET}: The risk-on trade is back as investors bid up biotech, healthcare, pharma, IT, and beverage makers/distributors. Rotation out of REITs continues as the probability of a December rate hike increases. Tech giant Apple (AAPL) has significantly lowered orders from its iPhone parts suppliers indicating a slow down in orders. (Certainly, the continued decrease in Chinese imports has something to do with it.) In commodities, so-called softs (mostly agriculturally based commodities) continue to melt down. Commodity etfs hitting all-time lows today are soybeans (SOYB), corn (CORN), and livestock (COW). That's good news for the consumer and for companies that use these products (think restaurants); not so good news for the farmer, but that's why the futures market was invented).

2:00 pm ET: Intraday support/resistance:
SPX 2070/2076
DTX 814.4/825.6
DJIA 17655/17755
Nasdaq 5051/5081
RUT 1177.5/1185.5
VIX 15.65/16.95 (falling VIX is bullish but VIX over 15 is bearish overall)
Trin range: 1.1 - 1.45 (bearish to contrarian)
Average VWAPs: +115/-64 (bullish)

December rate hike fears fueling jump in volatility
November 9, 2015

1:45 pm ET: Intraday support/resistance:
SPX 2063.5/2096.5
DTX 803/823
DJIA 17600/17900
Nasdaq 5067/5133
RUT 1178/1200
VIX 15.15/17.35 (rising VIX is bearish; VIX over 15 is bearish)
Trin range: 0.95 - 1.35 (bearish)
Average VWAPs: +74/-78 (bull/bear battle)

Positive jobs data putting pressure on REITs as dollar soars
November 6, 2015

1:50pm ET: Intraday support/resistance:
SPX 2080/2102
DTX 814.4/823.6
DJIA 17750/17910
Nasdaq 5093/5147
RUT 1181.75/1198.25
VIX 14.4/16 (falling VIX is bullish; VIX over 15 is bearish)
Trin range: 0.7 - 1.0 (bullish)
Average VWAPs: +124/-81 (bullish but high negative VWAPs reflect a flight out of REITs on anticipation of a rate hike (due to today's positive jobs numbers); rotation out of biotech continues)

Market digesting recent gains as rotation out of biotech & pharma continues
November 5, 2015

2:00pm ET: Intraday support/resistance:
SPX 2090.4/2109.6
DTX 814/824
DJIA 17780/17940
Nasdaq 5095/5155
RUT 1179.75/1194.25
VIX 15/16 (rising VIX is bearish; VIX over 15 is bearish)
Trin range: 1.0 - 1.5 (bearish to contrarian)
Average VWAPs: +103/-76 (bullish but high negative VWAPs reflect the continued rotation out of biotech and pharma)

Media stocks getting clocked on lowered Time-Warner cable forecast
November 4, 2015

12:25 pm ET: Intraday support/resistance:
SPX 2095.4/2114.6
DTX 813.1/821.3
DJIA 17815/17965
Nasdaq 5117.5/5162.5
RUT 1184.8/1196.2
VIX 13.95/15.65 (rising VIX is bearish; VIX over 15 is bearish)
Trin range: 0.9 - 1.5 (bearish)
Average VWAPs: +74/-95 (rotation out of biotech, media, oil, pharma and into healthcare, tech)

Bulls lead the charge into November
November 2, 2015

1:25 pm ET: Intraday support/resistance:
SPX 2080.75/2099.25
DTX 813.2/821.8
DJIA 17655/17825
Nasdaq 5061.5/5115.5
RUT 1162/1178
VIX 14.1/15.5 (VIX under 15 is bullish/VIX over 15 is bearish)
Trin range: 0.85 - 1.0 (bullish to neutral)
Average VWAPs: +125/-48 (bullish)

Rotation out of regional banks and into oil refiners/producers
October 30, 2015

2:00 pm ET: Intraday support/resistance:
SPX 2084.1/2094.5
DTX 811.4/817.6
DJIA 17730/17800
Nasdaq 5066/5086
RUT 1162.9/1168.1
VIX 14/15.4 (VIX under 15 is bullish/VIX over 15 is bearish)
Trin range: 0.85 - 1.25 (neutral)
Average VWAPs: +118/-63 (bullish)

Market taking a post-FOMC breather
October 29, 2015

1:55 pm ET: Intraday support/resistance:
SPX 2082.6/2091.4
DTX 805.25/813.75
DJIA 17680/17770
Nasdaq 5065/5085
RUT 1165.6/1178.4
VIX 14.55/15.45 (VIX under 15 is bullish/VIX over 15 is bearish)
Trin range: 0.85 - 1.25 (neutral to bearish)
Average VWAPs: +79/-163 (bearish; big rotation out of biotech & pharma)

Morning rally sez no rate increase expected from Fed today
October 28, 2015

1:50 pm ET: Intraday support/resistance:
SPX 2066.5/2085.5
DTX 800.25/810.75
DJIA 17585/17725
Nasdaq 5020/5080
RUT 1145.5/1174.5
VIX 14.35/15.25 (falling VIX is bullish; VIX under 15 is bullish/VIX over 15 is bearish)
Trin range: 1.0 - 2.0 (bearish contrarian)
Average VWAPs: +144/-56 (bullish)

Transports lead the market back down
October 27, 2015

1:45 pm ET: Intraday support/resistance:
SPX 2054.6/2070.4
DTX 800.75/827.75
DJIA 17535/17635
Nasdaq 5005/5040
RUT 1137.5/1158.5
VIX 15.3/16.1 (rising VIX is bearish; VIX over 15 is bearish)
Trin range: 0.95 - 1.25 (neutral to bearish)
Average VWAPs: +60/-107 (bearish)

Consumer discretionary etf retesting all-time high
October 26, 2015

1:45 pm ET: Intraday support/resistance:
SPX 2066.5/2078.5
DTX 826.8/832.2
DJIA 17600/17660
Nasdaq 5013/5052
RUT 1158.4/1166.6
VIX 14.45/15.45 (falling VIX is bullish; VIX under 15 is bullish/VIX over 15 is bearish)
Trin range: 0.85 - 1.15 (neutral)
Average VWAPs: +92/-67 (rotation out of energy, semis, software, staples and into retail, hotels/restaurants/travel)

Rush out of retail & REITs; Rush back into healthcare/pharma/biotech
October 23, 2015

1:55 pm ET: Intraday support/resistance:
SPX 2058.2/2081.8
DTX 820.5/831.5
DJIA 17525/17675
Nasdaq 5000/5040
RUT 1153.6/1166.4
VIX 13.25/15.35 (falling VIX is bullish; VIX under 15 is bullish/VIX over 15 is bearish)
Trin range: 0.8 - 1.2 (falling Trin is bullish)
Average VWAPs: +128/-102 (stampede back into healthcare/pharma/biotech; stampede out of retail & REITs)

Dollar pops/Euro drops
October 22, 2015

2:05 pm ET: Intraday support/resistance:
SPX 2021.9/2059.1
DTX 812.5/827.5
DJIA 17180/17520
Nasdaq 4862/4928
RUT 1147/1161
VIX 14.5/15.9 (VIX under 15 is bullish/VIX over 15 is bearish)
Trin range: 1.0 - 1.2 (neutral)
Average VWAPs: +77/-184 (stampede out of healthcare/pharma continues)

Bears take over as aggressive selling in healthcare continues
October 21, 2015

1:35 pm ET: Intraday support/resistance:
SPX 2018/2038
DTX 811/822
DJIA 17195/17315
Nasdaq 4935/4905
RUT 1147/1167
VIX 14.4/16.1 (VIX under 15 is bullish/VIX over 15 is bearish)
Trin range: 1.1 - 1.5 (bearish)
Average VWAPs: +36/-166 (bearish)

Investors continue to dump biotech/healthcare/pharma
October 20, 2015

2:05 pm ET: Intraday support/resistance:
SPX 2021.9/2039.1
DTX 807.9/819.1
DJIA 17150/17270
Nasdaq 4866/4909
RUT 1158.4/1169.6
VIX 14.7/16.5 (rising VIX is bearish; VIX under 15 is bullish/VIX over 15 is bearish)
Trin range: 0.8 - 1.1 (bullish to neutral)
Average VWAPs: +46/-157 (bearish)

VIX testing bull/bear dividing line
October 19, 2015

2:00 pm ET: Intraday support/resistance:
SPX 2022.3/2035.7
DTX 804/814
DJIA 17130/17250
Nasdaq 4866/4919
RUT 1155/1169
VIX 14.75/16.25 (falling VIX is bullish; VIX under 15 is bullish/VIX over 15 is bearish)
Trin range: 1.0 - 1.3 (neutral to bearish)
Average VWAPs: +51/-109 (bearish)

Transports turn back down leading the other averages
October 16, 2015

1:50 pm ET: Intraday support/resistance:
SPX 2019.8/2030.7
DTX 802.5/821.5
DJIA 17090/17220
Nasdaq 4847/4883
RUT 1151.75/1165.25
VIX 15.55/16.95 (falling VIX is bullish; VIX over 15 is bearish overall)
Trin range: 0.95 - 1.25 (neutral)
Average VWAPs: +47/-110 (bearish)

Gold moving up
October 14, 2015

1:45 pm ET: Intraday support/resistance:
SPX 1993.5/2009.5
DTX 806.25/813.75
DJIA 16950/17110
Nasdaq 4770/4820
RUT 1139.5/1153.5
VIX 17.3/18.9 (rising VIX is bearish; VIX over 15 is bearish overall)
Trin range: 0.7 - 1.15 (falling Trin is bullish)
Average VWAPs: +96/-70 (bull/bear standoff)

Bears trying to move back in
October 13, 2015

1:45 pm ET: Intraday support/resistance:
SPX 2005.7/2022.3
DTX 807.1/824.9
DJIA 17025/17175
Nasdaq 4807/4858
RUT 1156.3/1169.7
VIX 16.15/17.35 (rising VIX is bearish; VIX over 15 is bearish overall)
Trin range: 0.8 - 1.2 (neutral)
Average VWAPs: +39/-115 (bearish)

Market consolidating before earnings resume tomorrow
October 12, 2015

1:40 pm ET: Intraday support/resistance:
SPX 2010.5/2019.5
DTX 818.2/826.8
DJIA 17065/17145
Nasdaq 4818/4847
RUT 1159.5/1166.5
VIX 16.2/17.8 (falling VIX is bullish but VIX over 15 is bearish overall)
Trin range: 1.1 - 1.9 (bearish to contrarian)
Average VWAPs: +70/-73 (bull/bear battle)

Bulls trying to maintain momentum
October 9, 2015

2:00 pm ET: Intraday support/resistance:
SPX 2005/2020
DTX 819.9/828.1
DJIA 17020/17110
Nasdaq 4799/4841
RUT 1161.25/1168.75
VIX 17/18.4 (VIX over 15 is in bear territory)
Trin range: 0.9 - 1.3 (neutral to bearish)
Average VWAPs: +67/-86 (bull/bear seesaw)

It's official: Death cross in the US dollar etf (UUP)
October 7, 2015

1:20 pm ET: Intraday support/resistance:
SPX 1976.5/1999.5
DTX 797.75/812.25
DJIA 16765/16965
Nasdaq 4729/4791
RUT 1134.5/1147.5
VIX 18.5/19.75 (falling VIX is bullish but VIX over 15 is in bear territory)
Trin range: 0.9 - 1.5 (bearish/contrarian)
Average VWAPs: +111/-65 (moderately bullish but bears still in the picture)

Buying action in MLPs indicate possible stabilization in oil prices
October 6, 2015

2:05 pm ET: Intraday support/resistance:
SPX 1968.4/1991.6
DTX 794.6/807.4
DJIA 16735/16865
Nasdaq 4711/4783
RUT 1126.4/1143.6
VIX 18.8/20.6 (VIX above 20 is overall bearish)
Trin range: 0.65 - 0.85 (bullish)
Average VWAPs: +62/-129 (bearish)

Traders stampede out of healthcare-related stocks
October 5, 2015

Market Notes (1pm ET): The good news is that the VIX closed under 20--the first time it did that in a month and a half. While this is indeed good news for the bulls, this rally, sparked by the expectation that the Fed won't raise rates at least until 2016, could be short-lived. One indicator turned contrarian today: the #Advancing issues - #Declining issues. Today that value closed at +2370. Values above +2000 and below -2000 are regarded as extremes. History has shown that a market reversal frequently occurs when this value reaches an extreme level. We shall see if this holds true tomorrow.

1:30 pm ET: Intraday support/resistance:
SPX 1954.3/1994.7
DTX 788.3/805.7
DJIA 16500/16800
Nasdaq 4740/4770
RUT 1115.8/1139.2
VIX 19.05/20.45 (falling VIX is bullish; VIX dropping below 20 is showing some bullish strength)
Trin range: 0.6 - 0.85 (bullish)
Average VWAPs: +88/-101 (stock rotation)

Bad jobs report sparks risk-on trade
October 2, 2015

1:35 pm ET: Intraday support/resistance:
SPX 1893.7/1936.3
DTX 768.3/783.7
DJIA 16015/16385
Nasdaq 4552/4668
RUT 1080.6/1100.4
VIX 21/24.5 (falling VIX is bullish but VIX above 20 is overall bearish)
Trin range: 0.65 - 0.8 (bullish)
Average VWAPs: +212/-36 (extremely bullish)

Death cross forming in USD/Golden cross forming in Euro
October 1, 2015

1:35 pm ET: Intraday support/resistance:
SPX 1897.75/1927.5
DTX 775.4/782.6
DJIA 16050/16350
Nasdaq 4554/4626
RUT 1082.3/1103.7
VIX 23.1/25.4 (VIX above 20 is overall bearish)
Trin range: 0.7 - 1.5 (rising Trin is bearish; Trin over 1.5 is contrarian)
Average VWAPs: +50/-117 (bearish)

Bears take a day off as miserable third quarter draws to a close
September 30, 2015

After-hour market notes (4:30pm ET): While today's session ended on an up-note, the quarter ended on a down-note. In fact, this was the worst quarter in four years. Some of today's bullish activity was likely fueled by end-of-quarter stock rotation by fund managers and from positive news on the US jobs front. M&A activity in the chip sector helped the rally in the tech-laden Nasdaq and heavy buying/short-covering in MLPs (a badly beaten down group) lifted the energy sector.

But I wouldn't let today's bullish action cloud the overall bearishness of this market. The VIX is still over 20, death crosses have formed in all of the major averages and in nearly all sector etfs (exceptions are insurance, internet, consumer discretionary, and some banks). Third quarter earnings season begins next week which will be closely watched especially in terms of future guidance. If the overall earnings picture comes in weaker than expected, I wouldn't be surprised to see a jump in volatility and acceleration to the downside.

Note that while the market closed on a bullish note, the Trin closed right at 0.50--a bullish/contrarian value. When this happens, the market typically reverses to the downside meaning that tomorrow's open could be rocky.

1:40 pm ET: Intraday support/resistance:
SPX 1887/1917
DTX 769/781
DJIA 16050/16300
Nasdaq 4543/4617
RUT 1087.25/1098.75
VIX 24.25/26.25 (VIX above 20 is overall bearish)
Trin range: 0.55 - 0.9 (bullish; Trin under 0.5 is contrarian)
Average VWAPs: +99/-67 (bulls with the upper hand)

Russell 2000 breaks major support
September 28, 2015

1:50 pm ET: Intraday support/resistance:
SPX 1883.8/1929.2
DTX 769.2/784.8
DJIA 15985/16315
Nasdaq 4549/4665
RUT 1086/1122
VIX 24.95/27.55 (rising VIX is bearish & VIX above 20 is overall bearish)
Trin range: 0.9 - 1.6 (rising Trin is bearish; Trin over 1.5 is contrarian)
Average VWAPs: +33/-297 (extremely bearish/contrarian)

Mixed movement in major averages as investors rotate out of riskier assets
September 25, 2015

Intraday Notes (1:50pm ET): The reason for today's divergence in the movement of the Nasdaq and the Russell 2000 (RUT) compared with the SPX, DTX, and DJIA is because of stock rotation. Investors are dumping biotech, pharma, and medical supply makers--industries that have enjoyed extended rallies--and putting the proceeds into aerospace & defense, consumer staples, consumer discretionary, electric utilities, and regional banks.

1:30 pm ET: Intraday support/resistance:
SPX 1936/1954
DTX 778.4/792
DJIA 16205/16495
Nasdaq 4725/4785
RUT 1131.3/1146.7
VIX 20.8/23.2 (falling VIX is bullish but VIX above 20 is overall bearish)
Trin range: 0.8 - 1.1 (neutral to bullish)
Average VWAPs: +69/-168 (rotation out of riskier assets/bearish)

Bears make another charge as the VIX jumps
September 24, 2015

1:45 pm ET: Intraday support/resistance:
SPX 1905.2/1934.8
DTX 773/785
DJIA 15990/16260
Nasdaq 4658/4722
RUT 1122.1/1137.9
VIX 23/25.5 (rising VIX is bearish & VIX above 20 is overall bearish)
Trin range: 0.8 - 1.4 (neutral to bearish)
Average VWAPs: +89/-74 (still a bull/bear battle)

Bulls & bears duke it out/Miner etf (XME) hits all-time low
September 23, 2015

1:55 pm ET: Intraday support/resistance:
SPX 1932.5/1949.5
DTX 780.5/790.5
DJIA 16195/16355
Nasdaq 4535/4781
RUT 1136.8/1149.2
VIX 21.15/23.25 (VIX above 20 is overall bearish)
Trin range: 0.8 - 1.5 (neutral to bearish/contrarian)
Average VWAPs: +70/-84 (bull/bear battle)

Death cross in consumer staples as bears seize control of the market
September 22, 2015

1:55 pm ET: Intraday support/resistance:
SPX 1928.6/1961.4
DTX 784.1/807.9
DJIA 16160/16480
Nasdaq 4704/4776
RUT 1131.6/1158.4
VIX 22.25/24.25 (rising VIX is bearish & VIX over 20 is overall bearish)
Trin range: 1.0 - 1.4 (bearish)
Average VWAPs: +41/-114 (bearish)

Bears continue to build strength
September 21, 2015

1:55 pm ET: Intraday support/resistance:
SPX 1953.6/1979.6
DTX 803.6/816.4
DJIA 16380/16580
Nasdaq 4786.5/4881.5
RUT 1156/1178
VIX 20.4/22.6 (VIX over 20 is overall bearish)
Trin range: 0.9 - 1.3 (neutral)
Average VWAPs: +34/-176 (very bearish)

Bears back in control as Fed fails to prop up market
September 18, 2015

1:50 pm ET: Intraday support/resistance:
SPX 1955.3/1989.7
DTX 806.5/821
DJIA 16305/16675
Nasdaq 4821/4879
RUT 1164.7/1175.3
VIX 21/24 (rising VIX is bearish and VIX over 20 is overall bearish)
Trin range: 1.2 - 1.8 (very bearish/contrarian)
Average VWAPs: +47/-131 (bearish)

Fed leaves rates unchanged, but not market volatility
September 17, 2015

2:05 pm ET:
***No intraday support/resistance levels can be determined today because of market volatility. ***

Metals moving up on an otherwise quiet day
September 16, 2015

1:45 pm ET: Intraday support/resistance:
SPX 1978/1997
DTX 812.25/819.75
DJIA 16595/16755
Nasdaq 4848/4892
RUT 1165.4/1176.6
VIX 21.05/22.95 (falling VIX is bullish but VIX over 20 is overall bearish)
Trin range: 0.55 - 0.85 (bullish to contrarian)
Average VWAPs: +83/-50 (mildly bullish)

Bulls take charge--for now
September 15, 2015

2:00 pm ET: Intraday support/resistance:
SPX 1954.3/1980.7
DTX 802/814
DJIA 16380/16620
Nasdaq 4802/4865
RUT 1154/1164
VIX 22.25/23.75 (falling VIX is bullish but VIX over 20 is overall bearish)
Trin range: 0.6 - 0.9 (bullish)
Average VWAPs: +110/-43 (bullish)

Market muted awaiting Thursday's Fed decision
September 14, 2015

1:50 pm ET: Intraday support/resistance:
SPX 1943/1963
DTX 799.9/805.7
DJIA 16310/16450
Nasdaq 4773/4832
RUT 1148.8/1159.2
VIX 23.65/26.35 (rising VIX is bearish and VIX over 20 is very bearish)
Trin range: 0.85 - 1.35 (falling Trin in bullish)
Average VWAPs: +49/-62 (bull/bear see-saw)

The market gets a wedgie
September 11, 2015


























The major averages appear to be on the verge of completing negative chart patterns boding further downside. The S&P 500, Dow Industrials, and the Russell 2000 are forming classic bearish pennant formations while the Dow Transports and the Nasdaq are nearing completion of bearish wedge formations. (The above chart of the SPY, the S&P 500 tracking stock, illustrates the pennant formation.)

A brief explanation of flags, pennants, and wedges for those unversed in technical analysis. Flags, pennants, and wedges are all minor variations on the same theme and on a chart they look like what their names imply. They are considered to be continuation patterns meaning that they tend to occur in the middle of an uptrend or a downtrend. A true formation of this type is nearly always accompanied by a contraction in volume (see the above chart), and if that doesn't occur, the formation should be viewed with a healthy degree of skepticism.

One can also use these formations to estimate the magnitude of the uptrend or the downtrend once the pattern is completed. Technicians typically set a price target that reflects the magnitude of the rise (or drop) before pattern formation. In the case of the SPY above, one can use the major support level of 205 as the upper bound and the pennant nose price near 195 as the lower bound. This gives a 20 point difference making the projected price target in the region of 175--that's about 10% to the downside.

Bulls & bears at a stand-off
September 11, 2015

1:55 pm ET: Intraday support/resistance:
SPX 1937.6/1956.4
DTX 799.7/805.3
DJIA 16295/16405
Nasdaq 4763/4814
RUT 1142/1156
VIX 24.1/25.9 (falling VIX is bullish but VIX over 20 is very bearish)
Trin range: 1.25 - 1.7 (bearish/contrarian)
Average VWAPs: +83/-45 (moderately bullish)

Bulls take their turn on the market seesaw
September 10, 2015

1:45 pm ET: Intraday support/resistance:
SPX 1937.2/1965.8
DTX 795/808
DJIA 16210/16450
Nasdaq 4746.5/4833.5
RUT 1146.5/1160.5
VIX 24.45/27.25 (falling VIX is bullish but VIX over 20 is very bearish)
Trin range: 0.75 - 1.25 (bullish)
Average VWAPs: +118/-45 (bullish)

Rally fades as VIX volatility jumps
September 9, 2015

Intraday Notes (2:30pm ET): If you think the bears have polished off their picnic, think again. Yesterday's rally caught many (including myself) by surprise as I thought that the release of much worse than expected Chinese trade data would sink global markets. Apparently not, but whatever euphoria sparked yesterday's rally seems to be wearing off today. A tip-off that this sell-off could continue is the jump in VIX volatility. The VVIX jumped over 9% and the shorter-term VIX volatility index, VXST, gained over 7%. The VWAPs are strongly negative (at the time of this writing) and the Trin has quickly moved back into bear territory. With all of these factors leaning in favor of the bears, it's not unreasonable to think that we're in for another leg down.

2:00 pm ET: Intraday support/resistance:
SPX 1953.8/1988.6
DTX 794.2/807.8
DJIA 16335/16665
Nasdaq 4787/4863
RUT 1153.8/1170.2
VIX 22.25/25.25 (falling VIX is bullish but VIX over 20 is very bearish)
Trin range: 0.65 - 1.5 (rising Trin is bearish)
Average VWAPs: +50/-148 (bearish)

Bulls get a second wind
September 8, 2015

1:35 pm ET: Intraday support/resistance:
SPX 1924/1960.75
DTX 781.4/797.8
DJIA 16110/16470
Nasdaq 4748/4792
RUT 1139/1161
VIX 24.6/26.4 (falling VIX is bullish but VIX over 20 is very bearish)
Trin range: 0.55 - 1.2 (bullish)
Average VWAPs: +92/-51 (bullish)

Bears feasting on Chinese internet, healthcare, pharma, and REITs
September 4, 2015

1:25 pm ET: Intraday support/resistance:
SPX 1902/1948
DTX 777/787
DJIA 15930/16370
Nasdaq 4647/4713
RUT 1127.5/1142.5
VIX 22.7/30 (VIX over 20 is very bearish)
Trin range: 0.8 - 2.2 (extremely bearish/contrarian)
Average VWAPs: +30/-107 (bearish)

Market setting up for next leg down
September 3, 2015

1:50 pm ET: Intraday support/resistance:
SPX 1945/1975
DTX 785.4/794.6
DJIA 16250/16550
Nasdaq 4700/4800
RUT 1140.4/1157.6
VIX 23.45/27.25 (VIX over 20 is overall very bearish)
Trin range: 0.55 - 1.05 (bullish/contrarian)
Average VWAPs: +36/-158 (very bearish)

Death Cross forming in small-cap Russell 2000
September 2, 2015

1:25 pm ET: Intraday support/resistance:
SPX 1916.5/1938.5
DTX 768.9/783.1
DJIA 16060/16290
Nasdaq 4660/4710
RUT 1127/1137
VIX 28.05/30.45 (falling VIX is bullish but VIX over 20 is overall very bearish)
Trin range: 0.7 - 1.5 (falling Trin is bullish)
Average VWAPs: +107/-42 (bullish)

A few stocks bucking the trend
September 1, 2015

The bears are showing that their picnic isn't over with yet. Technically, we appear to be on track to retest last week's lows in the major averages and possibly a new relative high in the VIX. If you want to know just how bad it was today, there were only three stocks to make the New Highs List:

Trevena (TRVN, $9.09) soared over 50% today on 100x normal volume (yes, you read that correctly) on good clinical trial results of its post-op pain medication. An article in Barron's is giving a price target of $20.
Sharps Compliance (SMED, $7.53) was mentioned to subscribers last October as an Ebola play. Today, the stock broke above its $7 ceiling on heavy volume. Zack's has it on its #1 buy list and thinks the stock is under-valued and under-followed--a diamond in the rough, as it were.
Workhorse Group (WKHS, $0.41) jumped 28% on 6x volume on no discernible news. The company makes electric supply vehicles (think delivery service trucks) and package delivery drones that work off the trucks. I really like this idea but right now at least, betting on drones is a risky proposition as communities aren't certain how to deal with them. Check out their website. This company could either be a hero or a zero.

Death Cross in S&P 500 confirmed
September 1, 2015

1:55 pm ET: Intraday support/resistance:
SPX 1918/1970
DTX 768/783.5
DJIA 16020/16530
Nasdaq 4655/4722
RUT 1128.5/1151.5
VIX 29.9/33.1 (rising VIX is bearish and VIX over 15 is bearish)
Trin range: 0.8 - 1.85 (rising Trin is bearish but Trin over 1.5 is contrarian)
Average VWAPs: +52/-83 (currently tilted towards the bearish side)

Heavy rotation out of healthcare/internet/REITs into oil companies
August 31, 2015

2:00 pm ET: Intraday support/resistance:
SPX 1966/1989
DTX 785/793
DJIA 16445/16655
Nasdaq 4776/4834
RUT 1159/1165.4
VIX 26.65/29.35 (VIX over 15 is bearish)
Trin range: 0.7 - 1.9 (intraday falling Trin is bullish)
Average VWAPs: +82/-135 (high values on both sides indicate rotation)

Oil/Precious metals/Greenback notch higher
August 28, 2015

2:50 pm ET: Intraday support/resistance:
SPX 1975.2/1994.6
DTX 785.1/794.5
DJIA 16535/16785
Nasdaq 4788/4837
RUT 1149/1164.5
VIX 25.7/27.9 (VIX over 15 is bearish)
Trin range: 0.55 - 1.05 (bullish)
Average VWAPs: +82/-70 (moderately bullish but bears gaining momentum)

Impending Death Cross in the S&P 500
August 27, 2015

Market Notes (4:45pm ET): As noted below, the major averages did stage a reversal around 2pm ET but shot back up going into the close. While bulls may interpret this as a victory, the fact that the Trin fell back down to close at 0.38 should give them pause. This is still a very contrarian number and we could easily see a sell-off on tomorrow's open. What I find interesting is that all of today's positive economic good news was largely ignored by Wall Street who instead focused on vague comments by FOMC members (currently attending the Jackson Hole summit) saying that they may change their stance on raising interest rates in September and postpone it. I'm wondering if they read today's news before making those comments...

In other bearish news, the S&P 500 is on the verge of making a Death Cross (when the 50 dma crosses under the 200 dma). This is one Death Cross to take seriously as both the 50 dma and the 200 dma have rolled over. Note that both the Dow Transports and Dow Industrials are already well into the bear side of their Death Crosses.

Bulls flexing their might but how long can they defend the fort?
August 27, 2015

Market Notes (2:25pm ET): Predicted intraday support/resistance levels are showing that there's more room left for all the major averages to move to the upside. However, today's Trin levels are the lowest I've seen in years (or maybe ever!) and that could be a big problem for the bulls. Trin levels at or below 0.50 indicate such extreme bullishness that it's actually contrarian. Historically, when Trin levels do enter contrary territory the market tends to sharply reverse. In short, if you bought this bounce, you may wish to consider booking profits--and kudos to lucky you!

[Note: Bearish readings occur when the Trin moves in the 1.5 to 2.0 range. Extremely bearish readings are found above 2.0 and are very rare.]

2:05 pm ET: Intraday support/resistance:
SPX 1942.75/2002.5
DTX 768.4/789.6
DJIA 16285/16695
Nasdaq 4743/4833
RUT 1133.8/1161.2
VIX 24.45/27.55 (VIX over 15 is bearish)
Trin range: 0.28 - 0.56 (extremely contrarian)
Average VWAPs: +142/-60 (bullish but bears starting to gain some ground intraday)

Bulls trying to gain a toehold
August 26, 2015

2:05 pm ET: Intraday support/resistance:
SPX 1872.75/1917.5
DTX 746.7/763.3
DJIA 15675/16125
Nasdaq 4518/4642
RUT 1102.5/1122.5
VIX 30.85/36.15 (VIX over 15 is bearish)
Trin range: 0.55 - 1.0 (bullish/contrarian)
Average VWAPs: +112/-49 (bullish but bears still in the picture)

Bears gearing up for another onslaught
August 25, 2015

2:15 pm ET: Intraday support/resistance:
SPX 1887/1948
DTX 756.7/777.3
DJIA 15880/16315
Nasdaq 4600/4690
RUT 1117/1133
VIX 28.1/33.9 (VIX over 15 is bearish)
Trin range: 0.55 - 0.9 (bullish/contrarian)
Average VWAPs: +59/-133 (bearish)

Extreme volatility is manna for day traders
August 24, 2015

There's nothing to say about today's market action that hasn't already been voiced a thousand times in the financial media already. As I predicted on Friday, we did see a huge drop on the open, but what I didn't count on was how soon the rally actually began. Savvy momentum traders could have pocketed a bundle today but it was those still holding long positions who felt the hurt. The good news is that stocks recovered quite a bit from their opening price (well, it's sort of good news). The bad news is that I don't think the carnage is over by any means. Markets eventually revert to the mean and as we noted on Friday, that mean value is around 1380 for the S&P--still a long way to go from here. The best way to ride this out is to be in cash (or play the short side) and wait until we see signs of a bottom before taking on any long positions.

If you're thinking of buying put protection, now is NOT the time to do so. Why? Because volatility is through the roof. (The VIX hit its highest value today in over six years.) Volatility is a major component in options pricing making them too expensive to buy at this time. (Although if you want to sell them, that's another story but you'd be better be well-versed in the mechanics of options trading.)

For you daytraders with iron-clad stomachs, you may wish to consider jumping in and out of triple-levered etfs. Here are some of the more liquid etfs and etns that are moving in this market:

On the short side: Russia (RUSS, $60), China (YANG, $141), Oil (DWTI, $232), Gold Miners (DUST, $27), Junior Gold Miners (JDST, $11), Energy (ERY, $38), Emerging Markets (EDZ, $62), S&P 500 (SPXS, $24).

On the long side: Russia (RUSL, $11), China (YINN, $17), Oil (UWTI, $0.7), Gold Miners (NUGT, $3), Junior Gold Miners (JNUG, $8), Energy (ERX, $25), S&P 500 (SPXL, $67), Emerging Markets (EDC, $11).

Liquidity is especially important in fast-moving markets and you shouldn't have much trouble getting your trades executed in any of the above vehicles. Important Note: I strongly recommend NOT holding a posi
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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  • Spend only a few minutes a month (if that!) rebalancing and you're done
  • Learn how to invest commission free
...And get all this for less than the price of your morning coffee!
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