Posted by Nick Santiago

Keep away from people who try to belittle your ambitions. Small people always do that, but the really great make you feel that you, too, can become great.

Mark Twain

Market Sentiment For SPX: Daily chart neutral, Weekly chart bullish, Monthly chart bullish: Today, all of the major stock indexes finished positive by the closing bell. This Friday is options expiration week so we could just see more market churn as the institutions play games with the popular stocks. SPY volume remains light with just 51.9 million shares traded today. If I have learned one thing over the years, it is that light volume favors upside and buoyant markets. Currently, I still believe this powerful upside move off the June 3rd lows is still a bear phase rally. But as you can see, these rallies can be very powerful. On July 3rd, the SPY made a news all time high, so we must now look for another topping pattern to form before moving into a daily chart bearish stance. Until then, please remain neutral. Currently, the SPY has a 3-day pullback, so more downside will be needed with an increase in volume to call a top in this market. New 52-week highs vs new 52-week lows were mixed (NYSE: 177 highs – 94 lows, NASDAQ: 90 highs – 102 lows).

Tonight, the Daily Market Report material will be presented at the start of the No-Hype Live broadcast. The broadcast will begin at 5:15 pm EST. I hope to see you all there! The archived NHL video will be posted around 6:00 pm EST. 

Markets YTD:
Nasdaq Composite +23.70%
S&P 500 +19.50%
Dow Jones Industrial Average +16.70%
Russell 2000 +15.4%

The S&P 500 Index finished the session lower by 10.69 (+0.36%) closing at $2995.11. The next master resistance levels for the S&P 500 Index are 2990, 3017 and 3044. The master support levels for the S&P 500 Index are 2962, 2936, 2909, 2883, 2856, 2830, 2804, 2778, 2751, 2725, 2700, 2675, 2650, 2624, 2597, 2571, 2546, 2497, 2472, 2448, 2425, 2400, 2375, 2351, 2327, 2302, 2289, 2255, 2221, 2198, 2174, 2148, 2125, 2100, 2081, 2055, 2033, 2011, 1993, 1967, 1949, 1923, 1905, and 1879.

August crude (CL-Q9) finished the session lower by $1.59 (-2.80%) to $55.19 a barrel. The master resistance levels for crude are 57.00, 61.00, 66.00, 69.50, 74.00, 79.00, 84.00, 89.00, 95.00, 100.00, 105.00, 109.00, 115.00, 119.00, and 125.00. The next master support levels for crude are 53.00, 49.00, 46.00, 42.00, 40.00, 37.00, 34.00, 31.00, 28.00, 25.00, and 23.00. Please remember oil is very sensitive to adverse weather, geopolitical events, and the U.S. Dollar.

August gold (GC-Q9) finished the session higher by $5.05 (+0.90%) closing at $1427.85 an ounce. The master resistance levels for gold are 1428, 1449, 1466, 1486, 1504, 1524, 1543, 1565, 1583, 1604, 1623, 1644, 1663, 1684, 1703, 1726, 1746, 1758, 1769, 1782, 1800, 1825, 1842, 1867, 1886, 1911, 1930, 1955, 1974, and 1999. The master support levels for gold are 1410, 1372, 1353, 1337, 1317, 1300, 1281, 1264, 1244, 1228, 1210, 1994, 1976, 1160, 1142, 1126, 1092, 1075, 1060, 1043, 1028, 1011, and 996.

The 10-year bond yield finished the session lower by 0.023 (-1.12%) closing at 2.038%. The master resistance levels for the yield are 2.04%, 2.11%, 2.25%, 2.33%, 2.41%, 2.49%, 2.57%, 2.65%, 2.73%, 2.81%, 2.89%, 2.98%, 3.07%, 3.16%, 3.25%, 3.34%, 3.43%, 3.52%, 3.61%, 3.71%, 3.71%, 3.81%, 3.91%, and 4.01%. The master support levels for the yield are 1.97%, 1.90%, 1.83%, 1.76%, 1.69%, 1.63%, 1.57%, 1.51%, 1.45%, 1.39%, and 1.33.

Posted by Nick Santiago

No duty is more urgent than that of returning thanks.

James Allen

Market Sentiment For SPX: Daily chart neutral, Weekly chart bullish, Monthly chart bullish: Today, all of the major stock indexes finished lower by the close. The Russell 2000 Index (IWM, RUT) was the big loser ending lower by 0.72%. Last night, there was a full moon and a lunar eclipse. Generally, full and new moons often market tops for about 3 to 5 trading days, but sometimes when an eclipse is involved it can be more meaningful. Today, the SPY traded just 41.5 million shares which is still extremely light. If I have learned one thing over the years, it is that light volume favors upside and buoyant markets. Currently, I still believe this powerful upside move off the June 3rd lows is still a bear phase rally. But as you can see, these rallies can be very powerful. On July 3rd, the SPY made a news all time high, so we must now look for another topping pattern to form before moving into a daily chart bearish stance. Until then, please remain neutral. Currently, the SPY has a 3-day pullback, so more downside will be needed with an increase in volume to call a top in this market. Stay tune, there was a lot of damage done today on the charts and I will cover this tonight in the video. New 52-week highs vs new 52-week lows were mixed (NYSE: 172 highs – 62 lows, NASDAQ: 71 highs – 79 lows).

Markets YTD:
Nasdaq Composite +23.40%
S&P 500 +19.10%
Dow Jones Industrial Average +16.70%
Russell 2000 +15.00%

The S&P 500 Index finished the session lower by 19.62 (-0.65%) closing at $2984.42. The next master resistance levels for the S&P 500 Index are 2990, 3017 and 3044. The master support levels for the S&P 500 Index are 2962, 2936, 2909, 2883, 2856, 2830, 2804, 2778, 2751, 2725, 2700, 2675, 2650, 2624, 2597, 2571, 2546, 2497, 2472, 2448, 2425, 2400, 2375, 2351, 2327, 2302, 2289, 2255, 2221, 2198, 2174, 2148, 2125, 2100, 2081, 2055, 2033, 2011, 1993, 1967, 1949, 1923, 1905, and 1879.

August crude (CL-Q9) finished the session lower by $0.83 (-1.40%) to $56.78 a barrel. The master resistance levels for crude are 57.00, 61.00, 66.00, 69.50, 74.00, 79.00, 84.00, 89.00, 95.00, 100.00, 105.00, 109.00, 115.00, 119.00, and 125.00. The next master support levels for crude are 53.00, 49.00, 46.00, 42.00, 40.00, 37.00, 34.00, 31.00, 28.00, 25.00, and 23.00. Please remember oil is very sensitive to adverse weather, geopolitical events, and the U.S. Dollar.

August gold (GC-Q9) finished the session higher by $12.45 (+0.90%) closing at $1422.80 an ounce. The master resistance levels for gold are 1428, 1449, 1466, 1486, 1504, 1524, 1543, 1565, 1583, 1604, 1623, 1644, 1663, 1684, 1703, 1726, 1746, 1758, 1769, 1782, 1800, 1825, 1842, 1867, 1886, 1911, 1930, 1955, 1974, and 1999. The master support levels for gold are 1410, 1372, 1353, 1337, 1317, 1300, 1281, 1264, 1244, 1228, 1210, 1994, 1976, 1160, 1142, 1126, 1092, 1075, 1060, 1043, 1028, 1011, and 996.

The 10-year bond yield finished the session lower by 0.061 (-2.87%) closing at 2.061%. The master resistance levels for the yield are 2.25%, 2.33%, 2.41%, 2.49%, 2.57%, 2.65%, 2.73%, 2.81%, 2.89%, 2.98%, 3.07%, 3.16%, 3.25%, 3.34%, 3.43%, 3.52%, 3.61%, 3.71%, 3.71%, 3.81%, 3.91%, and 4.01%. The master support levels for the yield are 2.11%, 2.04%, 1.97%, 1.90%, 1.83%, 1.76%, 1.69%, 1.63%, 1.57%, 1.51%, 1.45%, 1.39%, and 1.33.

Posted by Nick Santiago

If you are not willing to risk the unusual, you will have to settle for the ordinary.

Jim Rohn

Market Sentiment For SPX: Daily chart neutral, Weekly chart bullish, Monthly chart bullish: Today, all of the major stock indexes ended slightly lower by the closing bell. The NASDAQ Composite was the big loser closing down by 0.43%. The large banks such as JPM, GS and WFC kicked off earnings season today. Earnings season will last for the next month or so. Hopefully volume will pick up soon as it has been anemic since the June lows. Today, the SPY traded just 40.4 million shares. If I have learned one thing over the years, it is that light volume favors upside. Currently, I still believe this powerful upside move off the June 3rd lows is still a bear phase rally. But as you can see, these rallies can be very powerful. On July 3rd, the SPY made a news all time high, so we must now look for another topping pattern to form before moving into a daily chart bearish stance. Until then, please remain neutral. New 52-week highs beat new 52-week lows (NYSE: 138 highs – 34 lows, NASDAQ: 106 highs – 69 lows).

Markets YTD:
Nasdaq Composite +23.90%
S&P 500 +19.80%
Dow Jones Industrial Average +17.20%
Russell 2000 +15.80%

The S&P 500 Index finished the session lower by 10.26 (-0.34%) closing at $3004.04. The next master resistance levels for the S&P 500 Index are 3017 and 3044. The master support levels for the S&P 500 Index are 2990, 2962, 2936, 2909, 2883, 2856, 2830, 2804, 2778, 2751, 2725, 2700, 2675, 2650, 2624, 2597, 2571, 2546, 2497, 2472, 2448, 2425, 2400, 2375, 2351, 2327, 2302, 2289, 2255, 2221, 2198, 2174, 2148, 2125, 2100, 2081, 2055, 2033, 2011, 1993, 1967, 1949, 1923, 1905, and 1879.

August crude (CL-Q9) finished the session lower by $1.90 (-3.20%) to $57.61 a barrel. The master resistance levels for crude are 57.00, 61.00, 66.00, 69.50, 74.00, 79.00, 84.00, 89.00, 95.00, 100.00, 105.00, 109.00, 115.00, 119.00, and 125.00. The next master support levels for crude are 53.00, 49.00, 46.00, 42.00, 40.00, 37.00, 34.00, 31.00, 28.00, 25.00, and 23.00. Please remember oil is very sensitive to adverse weather, geopolitical events, and the U.S. Dollar.

August gold (GC-Q9) finished the session higher by $3.60 (-0.26%) closing at $1410.35 an ounce. The master resistance levels for gold are 1428, 1449, 1466, 1486, 1504, 1524, 1543, 1565, 1583, 1604, 1623, 1644, 1663, 1684, 1703, 1726, 1746, 1758, 1769, 1782, 1800, 1825, 1842, 1867, 1886, 1911, 1930, 1955, 1974, and 1999. The master support levels for gold are 1410, 1372, 1353, 1337, 1317, 1300, 1281, 1264, 1244, 1228, 1210, 1994, 1976, 1160, 1142, 1126, 1092, 1075, 1060, 1043, 1028, 1011, and 996. 

The 10-year bond yield finished the session higher by 0.03 (+1.43%) closing at 2.122%. The master resistance levels for the yield are 2.25%, 2.33%, 2.41%, 2.49%, 2.57%, 2.65%, 2.73%, 2.81%, 2.89%, 2.98%, 3.07%, 3.16%, 3.25%, 3.34%, 3.43%, 3.52%, 3.61%, 3.71%, 3.71%, 3.81%, 3.91%, and 4.01%. The master support levels for the yield are 2.11%, 2.04%, 1.97%, 1.90%, 1.83%, 1.76%, 1.69%, 1.63%, 1.57%, 1.51%, 1.45%, 1.39%, and 1.33.