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DOW closes at 10,560 as it fails key resistance by 10 points. However SPX cash closed above important 1300 level and lets see if there is any follow thru. It was the lightest (or 2nd lightest) volume trading day of year and MM's wanted to square month end positions in nets higher, imho. Today we have to deal with downside of AMZN et al out of box. Lets see how this holds up after first wave of selling in nets. It is more important to look at first support in nets, and subsequent rebound and then retest of initial interday support. I will mark this and revisit tonight. NDX downdraft out of box at open from coat-tail effect. As for DOW, 10,570, 10,640 and 10,750 are resistance targets with new support at 10,430 after 10,520 breaks down. Still looking for lower test at 10,330 if and when these other bands break. Lower out of the box. J.T. |
