Seriously the pivotal moment everyone was waiting for looks, for now, like it was a dud. The Russell 2000 breakout happened and the DOW didn't do a thing; what happened? Was this a bull trap manufactured by DaBoyz or did the market pass gas? The red volume at the close was high for the day, but still anemic by my standards. Hard market to guess at and I am not going to try, but we will know more tomorrow I think.
Oil ended at 107.99, Brent ended at 124.94 and gold ended at 1662.92. The USD fell to 79.67 and the Euro rose to 1.3241
The 500 at the close.
The DOW at the close.
The $RUT at the close.
The SPY at the close. Notice the Bollinger Bands for today. Friday they were outside the upper bands and today they appear to have move back inside. The question is will this sideways correction continue.
Stocktiming had an interesting article on this.
On Friday, we discussed Bollinger Bands and how the SPY was outside its upper Bollinger Band. Statistically, that was a deviation level outside the norm that was too far out of balance.
To re-establish normality, the price levels would have to move back into the Bollinger bands ... sometimes, the price levels pull back to the mid line which is a 20 day moving average.
This morning, we want to point out that the SPY was not the only index that was outside its upper Bollinger band. As you will see in the three charts below ... the SPY, the NDX, and the the NYA Index were all outside their upper Bollinger bands at the close on Friday." (Read More here)
Lastly the Indexes. The airlines are first again today, on the green side for a change.
Written by Gary