Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
We are again seeing the S&P 500 come into the 1340 area. If you look back throughout 2012 you can see how 1340 provided support in February and early March multiple times, then was resistance in May and early June. Since then we’ve seen the index thrash violently around it (and its friend 1370). If yesterday’s lows break later today it could provide some fireworks going into Apple’s earnings.
This is another of those sessions where the index is not showing what is going on under the surface – I don’t have a single sector ETF in the green despite the market ‘only’ being down 0.6%.
On the economic front a decent number in the housing market yet again but an awful regional Fed survey.
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