EOD Wrap

I'm going to keep it short because the market wasn't giving away many clues today except in ES.


First the trade internals, we saw lower than avg. volume on both exchanges (NYSE 763 mln, vs. 800 mln avg; Nasdaq 1470 mln, vs. 1734 mln avg) and more impressively decliners outpaced advancers by a sizable margin (NYSE 739/2247 Nasdaq 777/1719)


Based on the Advancers/Decliners I would say the market is somewhat oversold, that isn't reflected in the Price / Volume relationships in which there was no dominant relationship today. 

As you probably know, trade was like watching paint dry, but whenever we have a dull market, there's usually some big volatility around the corner.

As for ES, it gave the only really strong signal today.

 This was the only clear standout divergence and it came when AAPL hit support at the lows of the day (actually we saw it develop about an hour before that).

ES (S&P E-mini Futures)  was turned back several times at VWAP (Volume Weighted Average Price) and trade size picked up each time ES hit the VWAP, suggesting institutional sellers were active at the VWAP.

Several averages are crossing their 10-day and some 20 day moving averages.

 The Dow below its 10 day and near the 20 day

 Same for the Russell 2000 which looks a lot worse

And the S&P hit the 10-day today.

Of the commodity complex, gold actually had the best day, still down, but closing near its highs and outperforming the SPX

I'll be keeping an eye on ES throughout the night and will post if anything comes up. My gut feel though is we are a little oversold, although that's hard to say in a market that is sooo overbought.