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Daily Market Report:June 29th, 2010
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Tumbling Tuesday
Today the market tanked on heavy volume in a broad based decline. The move lower today began before the opening bell ever rang. The major indexes were all gapped down ahead of the open and sold off throughout the day. As many of you know I have said if the S&P 500 closes below the May 25th lows that all hell would break loose and the markets would drop sharply. Today we came very close to that occurring. However, the S&P 500 cash index closed just above that critical level. Therefore, it is important to remain neutral here and not get too bearish just yet. I also have a likely mid-cycle low occurring on July 3rd - 5th which could lead to a significant bounce for several weeks. After that time we should be able to sell the indexes short again as we are expecting further downside after this short term cycle bounce. This is a critical point for the stock market. Today one of the CNBC news anchors mentioned that there was a head and shoulders top in place on the S&P 500 index. The last time one of these news anchors said something like this was last July 2009 when a head and shoulders top pattern triggered and failed. Fortunately, our subscribers new this ahead of time and were able to take advantage of everyone's misfortune that follows CNBC. I always say when the person that is talking about a head and shoulders pattern does not know if it is on a chart or a shampoo bottle I do not want it. Therefore, remain cautious at this time. When everyone is looking at something rarely does it play out. The way to play this is to remain short term. While cycles can fail this short term cycle is looking better and better. The master support levels for the SPX are 1038, 1020, 1006, 989, 974, and 957. The master resistance levels for the SPX are 1052, 1070, 1084, 1103, 1118, 1137, 1153, 1171, 1186, 1205, and 1220.
August crude finished the session lower by 2.31 to close at $75.94 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.
In summary, the major market indexes crumbled today. While we are close to a breakdown in this market a bounce around here cannot be ruled out. While we are not raging bulls we cannot rule out a bounce occurring soon as the cycle low is very near. Remain micro at this time and please have stop loss orders on all trades.
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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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461 |
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289 |
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| Declining Issues |
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3,432 |
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2,407 |
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| Unchanged Issues |
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62 |
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88 |
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| Total Issues |
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3,955 |
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2,784 |
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| New Highs |
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79 |
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11 |
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| New Lows |
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147 |
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176 |
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| Up Volume |
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577,532,993 |
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76,121,825 |
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| Down Volume |
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2,309,875,793 |
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2,570,687,854 |
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| Unchanged Volume |
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11,607,420 |
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16,346,692 |
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| Total Volume |
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2,899,016,206 |
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2,663,156,371 |
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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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3.73 |
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-0.27 |
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788,427,453 |
| SPY |
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104.21 |
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-3.32 |
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362,802,464 |
| BAC |
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14.57 |
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-0.67 |
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201,584,732 |
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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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3.73 |
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-0.27 |
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788,427,453 |
| SPY |
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104.21 |
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-3.32 |
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362,802,464 |
| BAC |
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14.57 |
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-0.67 |
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201,584,732 |
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Biggest Losers
| Symbol |
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Closing Price |
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Change |
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Volume |
| BKS |
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13.27 |
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-3.14 (19.13%) |
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3,349,201 |
| IDN |
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1.63 |
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-0.47 (22.38%) |
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1,790,179 |
| ROIAK |
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1.30 |
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-0.26 (16.67%) |
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819,453 |
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