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Daily Market Report:June 24th, 2010
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Down Again
What a nasty sell off day. Yesterday we mentioned that the cycle is down into early July and that seemed to certainly be the case today. Since Monday's sharp gap higher open on the back of news out of China the market has been down ever since. Therefore, this decline is not a major surprise. The one factor that we must pay close attention to is the fact that many leading stocks are now into key support levels. It is also to important to note that while the trend should be down for most of 2010 sometimes smaller cycles can come a little early. Therefore, it is best to remain a short term trader at this stage as we near the end of this cycle. It is also very important to use and have stop loss orders on all trades. 2010 remains a traders market and the short term strategy has been very effective. It is very important to note that the recent May 25th lows are not that far off now. As long as we hold this area this is still a traders market. Should we close below that pivotal low on the daily chart then much more downside is likely very quickly. The master support levels for the SPX are 1084, 1070, 1052, 1038, 1020, 1006, 989, 974, and 957. The master resistance levels for the SPX are 1103, 1118, 1137, 1153, 1171, 1186, 1205, and 1220.
August crude finished the session higher by 0.16 to close at $76.51 a barrel. The master resistance levels for crude are 79.00, 84.00, 89.00, 95.00, and 100.00. The master support levels for oil are 74.00, 71.00, 67.00, 63.00, 59.00, 54.00, and 51.00. Please remember oil is very sensitive to adverse weather, geopolitical events, and the U.S. Dollar.
August gold finished the session higher by 11.10 to close at $1245.90 an ounce. The master resistance levels for gold are 1251, 1272, 1287, and 1308. The master support levels for gold are 1236, 1218, 1202, 1182, 1167, 1148, 1134, 1114, 1100, 1087, 1067, 1035, 1016, 1003, 984, and 971.
The 10 year bond yield finished the session higher by 0.008 to close at 3.123%. The support levels for the yield are 3.03%, 2.95%, 2.85%, 2.78%, and 2.69%. The resistance levels for the yield are 3.13%, 3.21%, 3.31%, 3.39%, 3.49%, 3.57%, 3.68%, 3.77%, 3.88%, 3.96%, 4.08%, 4.16%, 4.28%, and 4.36%.
In summary, the market indexes declined sharply throughout the session. The cycle is down into early July, however, sometime cycle pivots can come a little early at times. Take only the best chart setups as trades and have stop loss orders in place. Remain a short term trader at this time as that strategy has worked out well in 2010.
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Market Breadth
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NYSE |
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NASDAQ |
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| Advancing Issues |
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890 |
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645 |
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| Declining Issues |
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2,912 |
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2,002 |
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| Unchanged Issues |
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128 |
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109 |
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| Total Issues |
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3,930 |
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2,756 |
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| New Highs |
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74 |
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18 |
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| New Lows |
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64 |
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95 |
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| Up Volume |
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787,676,492 |
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238,305,342 |
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| Down Volume |
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485,871,773 |
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1,697,065,310 |
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| Unchanged Volume |
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26,757,981 |
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11,929,022 |
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| Total Volume |
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1,300,306,246 |
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1,947,299,674 |
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Most Actives
| Symbol |
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Closing Price |
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Change |
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Volume |
| C |
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3.78 |
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-0.11 |
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564,637,008 |
| SPY |
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107.42 |
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-1.81 |
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263,844,081 |
| BAC |
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15.02 |
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-0.41 |
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167,448,683 |
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Biggest Gainers
| Symbol |
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Closing Price |
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Change |
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Volume |
| C |
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3.78 |
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-0.11 |
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564,637,008 |
| SPY |
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107.42 |
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-1.81 |
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263,844,081 |
| BAC |
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15.02 |
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-0.41 |
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167,448,683 |
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Biggest Losers
| Symbol |
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Closing Price |
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Change |
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Volume |
| LTBR |
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8.02 |
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-1.47 (15.49%) |
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2,973,167 |
| MAG |
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1.00 |
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-0.34 (25.37%) |
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576,067 |
| CYS |
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12.53 |
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-1.60 (11.32%) |
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2,241,178 |
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