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Tuesday, June 25, 2013

Tuesday Morning Update

It appears the bounce is finally underway. First major resistance should be around 1599, while support should be at 1577. Normally we can expect a 50% retracement of the prior move, in this case, that should be just over 1600, and at this point, I would not expect anything more than that. Sectorwise, we have XLF and XLE leading, XLP and XLV lagging. The Nasdaq and Russell 2000 are both about even. I have oil, gold, and treasury yields all up.

I have 50 new highs so far, with breakouts in NBTF, MDXG, and XONE. I have nothing reporting this morning, but I have AVAV and SNX scheduled for after the close.

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