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Wednesday Recap: The markets ended the day little changed – and this could be a significant positive for the market. The day started with a gap lower and an attempt to consolidate near the 9875 level on the Dow. During this time in the morning the NASDAQ was higher while the Dow and S+P were lower. However, without confirmation the NASDAQ’s move to higher ground was somewhat hallow and bears took control of the market, quickly pushing the market to test support near 9800. From here, buyers got excited and pushed higher to test resistance near 9900, near where the market ended the day down some 10 points.
Like the Dow, the S+P looks like it had a key reversal day. The broad-based index moved lower to touch its lower Bollingerband and then rocked higher to close above support, ending the day at 1103.66 up some .43 on the day.
Prediction for Thursday: I’m expecting the markets to move higher on Thursday. For Thursday let’s watch for an early test of the 9900 level, and potentially a test of the 10,000 level. If we can hold above resistance Thursday we could potentially close the week on a strong note.
Portfolio Strategy: Right now we’re delta positive. If we can start to get a sustained move from these lower levels I’m going to stay positive and move forward.
Mark Melin
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