Tuesday, August 03, 2010 – Closing market commentary
All three major market indexes closed lower, but the bears were not able to close last Friday’s closing prices. This is very bullish as indicated by the buying power that came in within the last ½ of trading of the day. Furthermore, after hours trading is very bullish as well.
The DIA was down $.34 or 0.32 percent, the SPY was down $.54 or 0.48percent, and the Q’s were also down for the day by $.20 or 0.43 percent. The low of the day on the SPY was $111.85, which was the support level that I indicated in my morning commentary.
Tomorrow economic reports are the ADP Payroll and the ISM Nonmanufacturing index.
Technical Analysis
Swing trading based on eastern and western studies.
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