With support holding on all indexes and the internals holding up too, today’s bounce came as no surprise, and excessive put volume added to the buying. However, today’s upside volume lagged, as it has for all of June, and volume was unspectacular. So where do we go from here? The Dow and S&P (first two charts below) could provide the clearest signals. If they can’t clear 9216 and 1008, the rally may be topping out. If they can, it could see new highs. First resistance is 990 on the S&P, and 9110 and 9150 on the Dow. Support is 9000 and 8931 on the Dow, and 973 on the S&P. The Nasdaq (third chart) has resistance at 1640-1650, and support at 1610. The Nasdaq remains on an intermediate term sell signal, but the blue chips have yet to confirm. A market still making up its mind which way it’s going next.
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