SPDR S&P 500 (SPY)

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Tuesday Market Pulse






Oil and the yen will influence the markets today. The support areas on the SPX need to be watched, the QQQQ is still the strongest index, with the Naud still bullish near term. SPX followers will have a tradeable short below 1405 and the 1396 area should be watched for support. On the QQQQ 48.25 represents support, but below that tradable shorts, this is the strongest link and probably the worst index to short, as they are propping up the SPX again with tech. Cisco earning tonight, so make sure you have room if you are holding either direction. The volumes the last couple of days have not been been bearish, but more positive than negative.
The Dow starts the day on a tradable short, with 12875 being the support area to watch on the downside.