Nice comeback in the markets today - the SPX again held the area around 1326, which has been such an important level so far this year. Futures are up tonight, presumably on the good earnings from Intel (INTC), so we’ll likely see a higher open and some strength in the morning. If SPX moves up from here we will have seen consistently higher lows since early March.
This may be yet another quiet options expiration week. Adam notes that the high option volume versus relatively mediocre stock volume might make for some good pinning.
Reversal Readings
This is one of the lightest reversal reading days we’ve seen in awhile - most major indexes and sectors are in a middling zone between overbought and oversold.
XLV - Health Care - 7.28
XLU - Utilities - 93.24
XLY - Consumer Discretionary - 6.15
DBC - Commodities - 96.03
If you haven’t already seen the Newsflashr site everyone is talking about, check it out. We’re happy to be included in the business blogs section, and this site has become a really great resource already.