Boredom overtook gusto by the close Tuesday, and the Dow's stretch over 16,100 failed to hold at the close, where the Dow ended 50 points off the highs of the day. Other indices held their big round-number levels, of Spx 1800 and Nasdaq 4,000; at least for now.
Even odder than both Vix and Spx being up together during the day, they both closed positive today; an even rarer oddity. Clearly, this is the result of lack of participation in a pre-holiday session.
Crude still hasn't "plunged" as the media continues to describe, with the weekend's Iranian nuclear deal. That is the market's way of saying two things; first, it doesn't act on news, and second, it doesn't believe the deal has any "balls".
Metals are getting a bit "jiggy", as they're not falling to lower lows this week. If this week's highs are broken above, there will be higher highs and higher lows on the charts; a sign of a rising trend.
Signs of trouble are brewing in the IPO sector, as TWTR moved below 39 at one point Tuesday, before returning above 40 by the close - barely. Although it's possible to count the entire move off the 50 level as complete, it's equally possible to form several more bearish paths. Moving above 43 will put the downside on the back burner, while moving above 46 points to at least 55 +/-4.
Dollar is very tasty here, as the pattern off the DSE sell signal earlier this month is near reversing to a buy signal. Either a test of 80.25 or a break above 81.45 should be all that is needed to launch the next wave higher. The target would be 84 +/-1.
Euro's counter trend climb looks done too, and a very steep and surprising decline is set to begin in this time/price zone.
More after the bell...Wednesday Pre Open (Tuesday Eve) by twwadmin