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Daily Market Report:June 28th, 2010
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Pancake Monday
Today was another light volume trading day that ended basically flat. As we have been stating for sometime 2010 will be and remain a traders year. The big cycle is down for most of 2010, however, the mid cycle(short term trading cycle) is down until early July. Therefore, a possible bounce is likely to occur around this time. This mid cycle should be short lived and only last a few weeks at the most. Should this play out as we anticipate we shall get another good shorting opportunity on the indexes shortly down the road. At this time we must remain a short term trader and only take the best chart patterns. Let us not forget the government job report is scheduled to be released on Friday which is the final trading day ahead of the July 4th holiday. Often short term turning points cycle around major holidays. Last year the market pivoted around July 8th for an important low and this year I have it penciled in for July 3rd – 5th. However, it can always come early or be a little late. Unfortunately, it is not perfect and can even fail at times. Therefore, I shall say it again to please remain a short term trader and have stops on all trades entered. The master support levels for the SPX are 1070, 1052, 1038, 1020, 1006, 989, 974, and 957. The master resistance levels for the SPX are 1084, 1103, 1118, 1137, 1153, 1171, 1186, 1205, and 1220.
August crude finished the session lower by 0.61 to close at $78.25 a barrel. The master support levels for oil are 74.00, 71.00, 67.00, 63.00, 59.00, 54.00, and 51.00. The master resistance levels for crude are 79.00, 84.00, 89.00, 95.00, and 100.00. Please remember oil is very sensitive to adverse weather, geopolitical events, and the U.S. Dollar.
August gold finished the session lower by 17.50 to close at $1238.60 an ounce. 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 master resistance levels for gold are 1251, 1272, 1287, and 1308.
The 10 year bond yield finished the session lower by 0.081 to close at 3.032%. 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 major market indexes finished the session basically flat again. While there could be some more downside in this market we are expecting a short term cycle low in early July. Therefore, remain a short term trader and only take the best chart setups at this time.
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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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1,730 |
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1,115 |
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| Declining Issues |
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2,073 |
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1,567 |
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| Unchanged Issues |
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118 |
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96 |
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| Total Issues |
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3,921 |
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2,778 |
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| New Highs |
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104 |
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41 |
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| New Lows |
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52 |
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72 |
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| Up Volume |
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2,002,456,863 |
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761,052,362 |
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| Down Volume |
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2,437,979,132 |
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943,079,761 |
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| Unchanged Volume |
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62,597,586 |
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12,997,842 |
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| Total Volume |
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4,503,892,401 |
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1,717,129,965 |
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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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4.00 |
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+0.06 |
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539,057,066 |
| SPY |
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107.53 |
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-0.34 |
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166,987,850 |
| BAC |
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15.24 |
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-0.18 |
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109,870,007 |
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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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4.00 |
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+0.06 |
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539,057,066 |
| SPY |
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107.53 |
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-0.34 |
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166,987,850 |
| BAC |
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15.24 |
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-0.18 |
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109,870,007 |
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Biggest Losers
| Symbol |
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Closing Price |
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Change |
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Volume |
| EPCT |
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1.00 |
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-0.57 (36.35%) |
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2,931,047 |
| BEAT |
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6.08 |
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-1.10 (15.32%) |
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1,543,908 |
| GFC |
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6.44 |
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-3.06 (32.21%) |
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778,529 |
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