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Today's Trackdown: Thursday - June 21, 2018

  • Brief Recap and Updates on the Markets
  • SPY Chart and some Technical Analysis

In Wednesday's action:

Stocks were mixed with the Dow slightly lower and the tech heavy nasdaq modestly higher. The U.S.-China trade tensions remain in focus.

News to keep in mind Thursday morning:

  • Markets are mixed in pre-market trading
  • At 7:15am ET - Dow futures vs fair value: -62.00. S&P futures vs fair value: -2.25. Nasdaq futures vs fair value: +3.50.
  • Watch out for any headline risk about trade war news or politics
  • The VIX is up about 3% in pre-market trading

Today's Economic Calendar

8:30 Initial Jobless Claims
8:30 Philly Fed Business Outlook
9:00 FHFA House Price Index
9:45 Bloomberg Consumer Comfort Index
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
4:30 PM Money Supply
4:30 PM Fed Balance Sheet

The SPY charts are pictured below. The first is a 3-month chart followed by a longer-term 9-month chart.

We have remained above my short-term support level at 273 and then retreated away from my 278 resistance level. Stock prices may stay in this range until some catalyst breaks us one way or the other. The MACD lines are sightly negative after a cross down. The Stochastics are neutral and headed downwards. The Money flow is currently a slight positive for the markets. We are continuing to use caution buying the dips and also selling the rips.

The break out above 273 was a significant move. The market has shown some strength this week as early morning dips were bought. But keep an eye on headline risk due to political or trade wars news. For now we seem range bound.

* -- Note: In the last 2-3 weeks the volume has been greater on the down days. -- *

In the longer term chart, we are now marking a trading range of 270-280. A break above or below could be significant.

  • Nasdaq Composite +12.7% YTD
  • Russell 2000 +11.2% YTD
  • S&P 500 +3.5% YTD
  • Dow Jones Industrial Average -0.3% YTD

Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal.

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With our Daily Trackdowns, additional analysis/observations during the trading day in the comments by us or our readers.