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Today's Trackdown: Friday - July 12, 2019

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

In Thursday's action:

The S&P 500 gained 6 points on Thursday. The S&P 500 and the Dow Jones Industrial Average closed at record highs amid lingering rate-cut optimism. The Dow hits 27,000 for the first time!

News to keep in mind Friday morning:

  • Futures trade vs fair value were near a bit higher late last night... Dow +85, S&P +8, Nasdaq +20, Russell +2.
  • The biggest factors in the market right now are; Global Economy, China trade talks, Fed speak, and the US Treasury markets.
  • Keep an eye on the VIX - The CBOE Volatility Index is now in the low-teens which is usually considered a 'risk on' area.
  • CHINA TRADE WAR is still an ongoing concern.
  • Going to end the week with a close over S&P 3,000?

Today's Economic Calendar:

08:30 PPI Jun
08:30 Core PPI Jun

Quick Notes:   (none)


(NOTE: Charts are a good guide but when a tweet or news item can jerk the markets around, they mean a bit less.)

The markets were higher/mixed on Thursday with the Dow and S&P 500 making new all-time highs. On the chart, we are up at the new all-time highs. We now have a good support level at 290. The current setup looks like we are going to continue drifting sideways or upwards. Although some weakness maybe possible when the Stochastics are high/overbought.

I would also consider 294 as an area of minor support. The only point of resistance that could be considered is at the all-time highs and at 300 as it is a big round number.

The MACD is positive. The Stochastics are high. The Money Flow is positive.

The 50-day MA (287.75)(+.13) and the 200-day MA (275.25)(+.06)

On the 9-month chart below, the previous patterns are behind us. Shown now is the strong support level at 280 and the new support level 290.

  • Nasdaq Composite +23.5% YTD
  • S&P 500 +19.7% YTD
  • Dow Jones Industrial Average +16.1% YTD
  • Russell 2000 +15.5% 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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