Daily Update

Pre-Market Update: The bears gained some momentum from Tuesday’s market losses, and the major indices closed at their backup support levels following the 2% pullback. Volatility was elevated, but it didn’t set off any alarm bells, as the VIX held resistance. However, the small-cap index led Tuesday’s tumble, and it is now down 22% from its 52-week high.

Pre-Market Update: The bulls struggled from the start of Monday’s session, as fresh support was tested and stretched on the slight pullback, but they nearly got the win in the final hours of yesterday’s action. Tech managed to close in positive territory, and that sector of the market got some additional good news after the bell from Alphabet’s (GOOG, $752, up $9.05) impressive earnings report.

Pre-Market Update: The bulls survived another volatile week to get their second-straight weekly win as the bears retreated during Friday’s session. The surge and rebound past key resistance levels was a bullish sign after wrapping up the worst January since 2009. However, stronger overhead hurdles remain, and February is always a tricky month to trade.

Pre-Market Update: The back-and-forth action in the market continued on Thursday, as the bulls rebounded to push resistance once again. However, the tight trading range that has developed this week could carry over into next week if current levels hold. In any event, the bulls will be looking to keep their momentum today in order to end this horribly bearish January on a high note.

Pre-Market Update: The market struggled on Wednesday ahead of the Federal Open Market Committee (FOMC)’s latest policy statement, and the major indices ended the day by closing near their session lows. The zombies were slightly dovish in their update, but they left interest rates unchanged while saying that they are watching global market developments. They maintained their upbeat view of the U.S. economy, but it failed to attract buyers to the market.

Pre-Market Update: The bulls rebounded on Tuesday to push resistance, and they were looking for Apple (AAPL, $99.99, up $0.55) to announce an impressive quarter in order to keep their momentum. The bears were hoping for an earnings miss and a sour outlook, but both sides got their wish, as Apple topped earnings estimates while falling shy of Wall Street’s revenue forecasts.

Pre-Market Update: The bulls failed to hold their momentum from last week on Monday, as the bears dominated trading during yesterday’s session. The losses were kept somewhat in check, however, with fresh support holding and volatility staying slightly relaxed. The action will likely pick up steam by the end of the week, as corporate earnings and the Federal Open Market Committee (FOMC) meeting minutes will surely stir the pot.

Pre-Market Update: The market had its first winning week of 2016 last week following a strong finish on Friday. However, two-straight winning sessions hardly makes for a trend, and it’s a little too soon to say that a “V-shaped” recovery is in store. On the other hand, the near-term outlook appears promising, as a number of the technical indicators I follow have turned bullish.

Pre-Market Update: The bulls showed some strength for the second-straight session, but they struggled with resistance and continued weakness in the small-caps. The bears are still on the prowl, and they have been dominant on Fridays over the past few months, making today an important session.

Pre-Market Update: The market suffered its worst trading day in months on Wednesday, as volatility soared to fresh highs and the August lows came back into play. However, the bulls recovered nicely from the mid-day madness, and the small-caps rebounded to regain positive territory by closing bell.

Pre-Market Update:The S&P 500 Volatility Index stayed subdued throughout the session before a late day surge to 27.59. The bulls held resistance at 27.50 with risk to 30-35, if breached. The bears held support at 25 following the morning trip to 25.21. The action in the VIX remains slightly bearish as there are additional layers of support at 23.50-22.50 that carry more weight.

Pre-Market Update: It felt like a Paul Simon week for the bulls as they struggled with resistance before totally collapsing to fresh 2016 lows on Friday. The August 2015 lows are now in play, and the bears will be looking for weak corporate earnings to keep their momentum.

Pre-Market Update: The bulls showed some moxie on Thursday after facing fresh 2016 lows in a make-or-break session. The bears came close to creating total chaos, but they failed to hold down the market’s lower levels of support. Today’s action will likely determine next week’s momentum, as the major averages remain mixed for the week.

Pre-Market Update: Wednesday’s opening rally felt suspicious, and the first 30 minutes of trading action confirmed that feeling, as the market gave back all of its gains and then some. The freefall to lower lows was a bearish sign and, to make matters worse for the bulls, volatility spiked into the closing bell.

Pre-Market Update: The bulls battled the bears during Tuesday’s session, and both sides held their near-term support and resistance zones. Volatility pulled back a little, but it will likely heat up again as more fourth-quarter corporate earnings and economic news flow in over the rest of the week. A number of major earnings announcements from the financial sector, along with the retail sales report on Friday, should give us clues as to how the rest of January could play out.

Pre-Market Update: The bulls rebounded on Monday to slow the bears’ momentum following another volatile day on Wall Street. The push to lower lows to start the week was another bearish sign, but the market showed a bit of resiliency throughout the session to keep the bullish hope alive. The weakness in tech and the small-caps remains a concern, but both held their key levels of support.

Pre-Market Update: The start of 2016 greeted traders with a bearish thunder, as the market suffered its most volatile week in the history of Wall Street. The selling pressure was extended into Friday’s closing bell, with the bears pushing fresh lows. Volatility also spiked, and it is approaching the late-summer highs from last year.

Pre-Market Update: The bears broke through the market’s major support levels on Thursday to get the August and September lows back in play, and the bulls continued their retreat into the second half of trading to trigger lower lows. The market was literally saved by the closing bell, with a six-session slide on the Nasdaq in progress.

Pre-Market Update: The bears pushed fresh lows into Wednesday’s close, and they are now on the brink of testing the August and September bottoms on continued weakness. The bulls need a counter-rally and some good news over the next few days, but Friday’s jobs report is looming.

Pre-Market Update: The bulls battled back on Tuesday to get the market win, and they may have formed a possible short-term “double bottom” in the process. Although the bears failed to push lower lows compared to Monday’s action, the technical picture remains cloudy with a continued chance of higher volatility.

Pre-Market Update: Wall Street was greeted with a 2% loss to start the first trading session of 2016. The major indices took out their mid-December lows soon afterwards and finished at the bottoms of their ongoing three-month trading ranges.

Pre-Market Update: It’s not often that the last trading day of the year ends up holding the fate for some of the major indices, but it did in 2015. The bulls had a slight grip on the S&P 500 heading into last Thursday’s open, but that failed to hold following a nasty open.

Pre-Market Update: The market pulled back on Wednesday, as the major indices stayed underwater throughout the session. The damage was minimal, but volatility has heightened heading into the final trading day of 2015.

Pre-Market Update: The bulls cleared major resistance on Tuesday to reposition themselves for another possible test to all-time highs. The tops of the trading ranges are once again in play, but another stalled attempt would be a bearish development.

Pre-Market Update: Santa has been missing for the past two sessions, and the bears took advantage of a nervous Wall Street on Monday to push the market’s near-term support levels. The technical picture worsened, but there were a couple of signals that showed that the bulls are still interested in pushing the tops of the current trading ranges.

Pre-Market Update: The market was relatively flat on Thursday, as the major indices ended mixed at the close of the shortened trading session. However, it was a big week for the bulls, as they held the lower ends of the trading ranges that have developed since October.

Pre-Market Update: The bulls took advantage of another strong rally on Wednesday to clear the indices’ major moving averages, and they are looking to end the week on an even higher note. The bears could end up hibernating into the end of the year, as today is the first “official” day of what may turn out to be a Santa Claus rally. However, volume has been light, and investors will need to decide if they are willing to hold stocks over the upcoming three-day weekend.

Pre-Market Update: Despite some early-morning weakness, the bulls continued their rebound on Tuesday to clear near-term resistance. Volatility continues to fall, but it is still slightly elevated, which is keeping the bears alive. A continued rally today could lead to a run towards the market’s upper resistance levels and the major moving averages.

Pre-Market Update: The market rebounded on Monday to push its near-term resistance levels despite some mid-day weakness. Fresh support and the bottoms of the October trading ranges held on the intraday pullback off of the highs, and volatility uncoiled slightly over the course of the session.

PreMarket Update: The bulls tried to hold on to the weekly win, but the bears used the final hour of trading last Friday to get the upset. The technical damage was severe, as the indices closed below their major moving averages. The December lows are holding, for the most part, but they will be in play again if there is no rebound today and if the bottoms of the mid-October trading ranges fail to hold.

Pre-Market Update: The bears ruined the Fed’s post-hike party by pushing the market’s fresh support levels on Thursday. The bulls held these levels into the close to keep the current trading range intact, but they need another rebound to keep Wall Street excited.

Pre-Market Update: The Fed raised interest rates yesterday for the first time since June of 2006, and the bears ran for cover. The bulls pushed the market’s upper resistance levels and are once again eyeballing a run to all-time highs. There are only 10 trading days left in the year, and this Friday is “quadruple witching” day, which is when contracts for stock index futures, stock index options, stock options and single stock futures all expire. With volatility still slightly elevated, the bulls will need to keep their momentum if they want to finish the year in positive territory.

Pre-Market Update: The bulls are right where they want to be ahead of today’s Federal Open Market Committee (FOMC) decision on interest rates. It remains to be seen if last week’s test to the bottom of October’s trading range will lead to a retest of the top of the range and a possible breakout, but the action is playing out just like we have planned following tax-loss-selling season.

Pre-Market Update: The market showed signs that it was trying to form a bottom on Monday despite the continued pullback in the small-caps and transports. After enduring the early selling pressure, the major indices gained strength into the close as volatility edged slightly lower. The bulls held support, while the bears struggled to hold resistance to keep the current trading ranges intact.

Pre-Market Update: Last week, the market suffered one of its worst runs in months, as the bears took advantage of tax-loss selling season, tumbling oil prices and a nervous Fed. The bulls tried to maintain the bottoms of the mid-October trading ranges, but they were stretched as selling pressure picked up steam into Friday’s close.

Pre-Market Update: The bulls snapped their three-session losing streak to test resistance on Wednesday and, while the bears made a little noise on the open, they looked tired following their week-long binge. The market has a lot of ground to make up today or it could face a losing week inside of the continued trading range that has lasted since mid-October.

Pre-Market Update: The bears got their third-straight win on Wednesday, although the bulls were able to hold the market’s lower levels of support. The major moving averages were slightly stretched, but they are still in bullish setups despite the worries on Wall Street. However, the bulls need to make a stand today or the action could get a lot worse due to panic-selling.

Pre-Market Update: The bulls spent Tuesday’s session defending key support levels, which ultimately held for the second-straight day. The bears are showing strength, but much of the losses have come as a result of the backtest to support after Friday’s rebound rally. Volatility spiked to higher levels than we saw on Monday, which indicates that we still need to be cautious, as the “fear gauge” cleared resistance.

Pre-Market Update: The market sputtered from the start of trading on Monday until the closing bell, but the major indices were able to finish the session off of their intraday lows. There was some buying activity into the close, as support held on the pullback, but volatility stayed elevated. I mentioned that the whipsaw action could continue going into next week, but that could be the perfect opportunity to add new bullish or bearish trades.

Pre-Market Update: The bulls rebounded on Friday get the weekly win following a backtest to support. Fed-speak, economic news, overseas stimulus shenanigans and geopolitical tensions all worried Wall Street, and the bears took advantage of the weakness. However, the bears could be ready to roll over once the current trading ranges are resolved, as the charts remain bullish.

Pre-Market Update: The bears did some technical damage on Thursday, as the market’s key technical support levels came into play. The bulls held the 50-day moving averages, but the Dow and S&P 500 failed to hold their 200-day moving averages. However, this morning’s jobs report could either cause additional selling pressure or a possible relief rally.

Pre-Market Update: The back-and-forth action continued on Wednesday, as the market closed lower following a backtest to support. Volatility picked up slightly during Fed Chair Janet Yellen’s speech yesterday, and Wall Street seemed to be a little nervous ahead of tomorrow’s nonfarm payrolls report.

Pre-Market Update: The market cleared its major resistance levels on Tuesday despite the release of weaker-than-expected economic news after the open. The ISM manufacturing index reading came in at 48.6 for November, which was its worst level in six years. This was well below expectations for a print of 50.5, and it may have spooked some of the Fed heads. However, the bulls brushed the bad news off to push higher highs into the closing bell.

Pre-Market Update: The bulls lost their second-straight Monday following an opening push to near-term resistance. The bears controlled the majority of the session, but they did little damage, as near-term support and the current trading range held.

Pre-Market Update: The bulls got the overall market win last week despite the slight pullback in the blue-chips. The small-caps and tech have led this month’s rally, but the bears are within striking distance of getting at least a market split for the month, with today being the last trading session of November.

Pre-Market Update: The Dow is lower by 10 points for the week, while the S&P is down less than a point. The Nasdaq is up a twelve-pack while the Russell is up 23 points, or 2%.

As a reminder, I won’t be publishing the Mid-Market Update this afternoon due to today’s shortened session. The market will close at 1 p.m. (EST). I could have a New Trade or Profit Alert but, if you don’t hear from me by noon EST, have a good Black Friday and weekend!

Pre-Market Update: The S&P 500 Volatility Index ($VIX, 15.93, up 0.31) was a hot potato on the open with the hotness reaching 17.21 on the opening weakness. The bulls stayed cool, however, as they held the 17.50 level for the third-straight session and for the fifth-straight close. A close above 15 would confirm higher near-term highs.

Pre-Market Update: It was a see-saw battle on Monday with the bears ultimately getting the overall market win to start the week. The losses were limited as the bulls battled back into the closing bell while holding near-term support for the most part. Today’s action will likely heat up with a number of high-profile companies reporting earnings.

Pre-Market Update: This week historically favors the bulls but volatility could remain slightly elevated in a shortened holiday week. Volume could also dry up and lead to wilder price swings as the suits-and-ties take extended vacations around the U.S. Thanksgiving holiday.

Pre-Market Update: The S&P 500 Volatility Index ($VIX, 16.99, up 0.14) spiked to a high of 18.26 on the opening weakness before holding 17.50-17 throughout the session. A move above 17.50 into the weekend would be a slightly bearish development. A close below 15.50-15 are the confirmation levels we are looking for to confirm possible higher market highs