Monday, July 8, 2019
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Support is trying to move up to $132.50-$132. A close below the $131.50 level would be a bearish signal for additional weakness towards $130.50-$130 and levels from early June.
The S&P 500 Volatility Index ($VIX) closed higher for the 2nd-straight session following the morning run to 14.44. Lower resistance at 14-14.50 was cleared but held. A close above 15 would be a bearish development with risk towards 15.50-16 and the 50-day moving average.
Fresh support is at 13.50-13. Continued closes back below the 12.50 level would signal an easing in volatility and would be a bullish setup for the market to reengage higher highs.
The Russell 2000 ETF (IWM) fell for the 1st time in 3 sessions following the 2nd half pullback to $154.89. Prior and upper support at $155-$154.50 held. A move below the latter would be a slightly bearish development with risk towards $153.50-$153 and the 50-day moving average.
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Current and lowered resistance is at $156-$156.50. Continued closes above the $158 level would be a more bullish signal momentum has returned.
RSI is back in a downtrend with support at 55-50. A close below the 45 level and the late June low would be a bearish signal for additional weakness. Resistance at 60 has been holding since early March on the plunge below this level.
The Materials Select Sector (XLB) was lower for the 2nd-straight session following the backtest to $58.14. Current and upper support at $58-$57.50 held with a close below the latter being a slightly bearish signal for additional weakness.
Near-term resistance at $58.50-$59. A move above the latter would be a renewed bullish signal for a retest towards $59.50-$60.
RSI is in a downtrend with support is at 55-50. A close below the latter would be a bearish signal for additional weakness. Resistance is at 60.
All the best,