Markets were back and forth on Wednesday.  The major Indices ended slightly in the green with the Nasdaq leading the way.  Biotechnology was a leader among industry groups while Energy and Materials were among the biggest losers as Crude Oil reacted to inventory numbers and dropped off their highs they made during Tuesday’s session.

Exxon Mobile, Chevron and Conoco Phillips all sold off during the trading session.  Aapl was slightly down as was MSFT.  Among the leaders was Google, Disney, Home Depot and Amazon.  Again, it was a mixed market.

The S&P 500 has key levels of resistance just above 2100 and support just below 2030.  Those zones are creating a sideways channel/consolidation that will only see a breakout as earnings season gets going and creates some volatility catalysts.

 

The Dollar rallied again, partly in reaction to the FOMC meeting minutes that were released at 2 pm EST.  The dollar strength has not erased the selling from the previous week, but has brought it back up to a short term resistance point.   Keep an eye on 99.00 on the Index.  This is a key short term level for this week and next.

 

Gold was down today as the recent rally has stalled.  Long term indicators on gold and showing a slowing momentum downtrend where the precious metal is now trying to maintain short term bullishness.  Gold has been very sensitive to movements from the US Dollar and that should remain.

Tomorrows economic Calendar is rather Light as Jobless Claims stand out among US planned events.  Much of this week has been driven by internation banking news from Australia, Japan and overnight we will get information from London about the Bank Rate.

 

 

Over the next few trading days, 5 companies on the SnP 500 release their earnings.  This will rapidly increase in number over the coming weeks as the market is moving into earnings season.  Earnings might just be the catalyst we need to get the market to break support or resistance and develop a trend.

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