Under The Hood
When we say "under the hood" we mean market internals, ie: what was really
happening behind the scenes. ShadowTraders who listen to our daily broadcast
every day live on the thinkorswim platform know that all closing figures on the
major averages should only be interpreted in the context of market internals.
Look for convergences and divergences in the breadth, a/d line, and trin figures
below to either confirm or cast doubt on what all those talking heads on TV are
telling you.
| Dow Jones Industrial Average | 15518.74 | -93.39 | -0.60% |
| S&P 500 Index | 1697.37 | -9.77 | -0.57% |
| Nasdaq Composite | 3665.76 | -27.18 | -0.74% |
| Nasdaq 100 | 3122.19 | -20.98 | -0.67% |
| Russell 2000 | 1052.13 | -10.87 | -1.02% |
| Spot Gold | 1282.61 | -21.26 | -1.63% |
| Crude Oil | 105.65 | -0.88 | -0.83% |
| NYSE Overall Volume | 3,095,556K | n/a | 23.59% |
| Nasdaq Overall Volume | 1,528,400K | n/a | 4.75% |
| NYSE Breadth | 3.45 : 1 | negative | |
| Nasdaq Breadth | 2.99 : 1 | negative | |
| NYSE Breadth Ratio | 22.48 | ||
| Nasdaq Breadth Ratio | 25.04 | ||
| NYSE Advancers/Decliners | -1505 | ||
| Nasdaq Advancers/Decliners | -975 | ||
| NYSE Trin | 1.16 | ||
| Nasdaq Trin | 1.27 | ||
| $VIX | 12.72 | 0.88 |
Looking Ahead
Market Outlook - Check here daily for the current S&P 500 Monthly, Weekly, and Daily bias.
MONTHLY - Bullish. Expansion of range made July bar large with a new all time high.
WEEKLY - Bullish. S&P 500 Index Weekly bar closing at new all-time high.
DAILY - Bearish to Neutral. Small pullback in broad market which could lead to support at 1688.00 in SPX which is the rising 20 SMA on the daily.
Good morning traders. In the Sector Trend Scores section below, we note the broad market is nearly oversold. A lower close today will put the market in this condition. This is one of the reasons we believe the S&P 500 Index (SPY) will find support at its twenty day simple moving average. Please observe the chart below.
The green line illustrates the twenty day simple moving average which closed at 168.75 yesterday. This level ties in with the prior five day consolidation area circled in blue.
These technical points along with Sector Trend Scores oversold projection, and the fact that large sellers did not participate in yesterday's pullback leads ShadowTrader Swing Trader to believe the market is not done moving higher.
Market Profile and Pivot Points for ES and NQ for Wednesday
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|
| |
| Value Area High | 1694.50 | 3122.00 |
| Point of Control | 1692.50 | 3116.50 |
| Value Area Low | 1690.50 | 3108.50 |
| R3 | 1711.83 | 3164.08 |
| R2 | 1706.17 | 3150.17 |
| R1 | 1700.08 | 3134.08 |
| Pivot | 1694.42 | 3120.17 |
| S1 | 1688.33 | 3104.08 |
| S2 | 1682.67 | 3090.17 |
| S3 | 1676.58 | 3074.08 |
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