Good morning. Happy Tuesday.
Yesterday, the market suffered one of its worst days since the Mar low was established, but it was hardly playable. Most stocks gapped down and then sat in a tight range all day. Considering new highs were flirted with just a couple days ago, this type of abrupt turnaround isn’t fun. …You either had to guess when a top was being put in place (how many times have the bears guessed wrong the last couple months) or you just watched.
Today will get off to a decent start. The Asian/Pacific markets closed mixed. China, which lost almost 6% yesterday, gained 1.4% today. Europe is up across the board. Futures here in the States suggest a gap up open for the cash market.
Here’s the SPX 15-min chart. Two weeks of range bound trading has turned into a block of overhead resistance. All the traders who bought up there will look to get out even if given the chance.
And let’s continue to monitor this US vs. China chart because it’s safe to say if China doesn’t bounce, the US has no chance.
More after the open.
headlines at Yahoo Finance
stocks to watch from MarketWatch
today’s upgrades/downgrades
yesterday’s Sector Performance
this week’s Earnings Reports
this week’s Economic Numbers