TFP Letter Market Summary For January 24, 2013 |
|5 min SPX|
Equity indexes traded in a wide range today with the S&P 500 SPX closing 1 penny in the green @ 1494.82 despite shares of $AAPL falling 60 points or 12% into 450. The NDX took it on the chin but in my personal opinion it held it well as shares of AMZN GOOG and NFLX rallied.
|5 min AAPL|
The NDX closed down 1.40% or 38.64 points @ 2723.53 after dipping to a low of 2719.83. The NQ futures holding the 2700 level last evening following AAPL’s earnings release was somewhat of a comforting sight in my eyes if you are moderately bullish the market outside of the AAPL tape.
Looking back on the Russell 2000 RUT, yesterday at the close we saw a dip under 898 and a red close. I mentioned the index quite possibly is playing possum as the big board indexes closed green, sure enough the index rocketed into a new all time high of the open of 904.27 before settling over 900 @ 900.1905 a gain of 3.4864 points or 0.39%.
Shares of AAPL continued to break lower after the regular session close down into 446.10 and closed at 448.38 in the extended session. Microsoft reported EPS after the close.. shares fell but held the 27 level.
|4 hour ZB .. note suppor around 145’20|
Starbucks also reported sending shares higher to 56.50 before retreating to 55.72. SBUX shares closed @ 54.57 Thursday.
Notable weakness in Gold futures Thursday under 1680 put the 1460 level as the last line of defense before 1645 perhaps. Crude retraced its drop from wednesday up to 96.60, currently 95.88. Copper futures managed to maintain the 3.68 level to close up 0.26% @ 3.686.
Bonds.. down for the day… they are resilient despite the cash indexes remaining near the 1500 metric.
SPY: Support = 149.20, 149 Resistance = 149.33, 149.61, 73, 150
QQQ: Support = 66.60, 66.56 (Thurs low) 66.50 Resistance = 66.75 66.88, 67
IWM: Support = 18.17, 89.10, 88.95 Resistance = 89.35, 89.48, 89.87
Click HERE Sign up for the TFP Letter