Daily Update

Pre-Market Update: The bears showed up late in the afternoon on Wednesday to push the major indices lower and get the market win. The bulls held the backup support levels that had served as prior resistance, but the failure to keep the momentum from Tuesday’s rally is concerning.

Pre-Market Update: The bulls were ready to run following the long three-day weekend, as the market powered past several layers of resistance. The bears lost their grip on the VIX, but it’s too early to say if Tuesday’s rebound was the real deal.

Pre-Market Update: August was a nasty month for the market, and the first week of September wasn’t much better. The bears won last month, as the major indices registered losses of 6%-7%. Last week’s losses averaged upwards of 3% across the board.

Pre-Market Update: The bulls did their best to get a clean sweep on Thursday and, while the broader market finished higher, tech and the small-caps gave back their gains. The technical clues were mixed as well, as both are showing that a breakout or breakdown will likely ensue in the coming weeks.

Pre-Market Update: The bulls showed some moxie on Wednesday and got Wall Street excited again following a final-hour rally to fresh session highs. The impressive rally is still suspicious, but crucial pivot points are in play, and the rest of the week should end with either a bang or a bust.

Pre-Market Update: The bears are feeling confident again as China’s economic woes worsen, while oil’s 8% drop to $45/barrel continues to whipsaw flip-flopping traders. The indexes finished below the first waves of support yesterday, and a break below last week’s lows could cause another round of panic selling.

Pre-Market Update: The bears were aggressive at Monday’s open, but the bulls fought back before losing the first out of five sessions this week. The small-caps showed strength, but they slipped below key support by the closing bell.

Pre-Market Update: Panic selling hit Wall Street at the start of last week, as the major averages tested their October 2014 lows. The Dow breached its October low before holding crucial support into Monday’s close, while the S&P 500, Nasdaq and Russell 2000 all held their respective October 2014 lows.

Pre-Market Update: The market rebounded for the second-straight session following comments from one Federal Reserve official. New York Fed President William Dudley excited Wall Street after he said that the odds for a September rate increase seemed less compelling now than a few weeks ago. He added that the threat posed to the U.S. economy by the recent market turmoil was a concern.

Pre-Market Update: The bulls showed Wall Street why they can’t be given up on following Wednesday’s strong gains. Instead of folding in the final hour of trading, the market got stronger and enjoyed its best day in four years.

Pre-Market Update: Wall Street was thanking China for cutting its interest rates again for the fifth time since November, as the talking heads stated this was the reason that the market was trading higher for much of Tuesday’s session.

Pre-Market Update: Monday’s action was a test of will and nerves, as bullish and bearish traders took positions in a very volatile market. It is too early to say which side will be right, but the action has been both breathtaking and exciting. The wild price swings will likely be here to stay all week, so it is important that we remain patient until the dust settles.

Pre-Market Update: The bulls got their second-straight Monday win to start last week, despite another attempt by the bears to derail an end-of-summer rally.

Pre-Market Update: The bears enjoyed their best session of the year on Thursday, as the market’s losses left Wall Street speechless. The bulls are looking to end the three-day losing streak, and they have their sights set on prior support. However, another loss today will likely lead to continued weakness into next week.

Pre-Market Update: The market remained rocky on Wednesday as Wall Street fretted over the latest Fed minutes. Although the chances are good that a rate hike will come in September, according to the slick-talking pros, the dovish minutes offered hope that the zombies might wait until later in the year before making their move.

Pre-Market Update: The bears ended their two-session slide following a frustrating start by the bulls on Tuesday. Although there was a slight burst into positive territory, Tech and the small-caps were weak, and the VIX finished higher for the second-straight day.

Pre-Market Update: Monday’s action was picture-perfect, as the early morning weakness flushed out bullish traders as the market turned bearish. I mentioned that a second-half rebound and a higher Monday close on the Dow would be bullish clues for a continued rally. The market obliged, but trading is still treacherous.

Pre-Market Update: Wall Street was thrown a curveball last week following China’s decision to devalue its currency. While it was a surprise to the suits-and-ties, it shouldn’t have been when it comes to the country’s politics.

Pre-Market Update: The bulls made a run at resistance on Thursday following a slow and sluggish start to the day. Trading was tight and choppy throughout the session, but a late-day fade gave the bears the overall win.

Pre-Market Update: Fear swept through Wall Street on Wednesday as the bears made their most significant move of the year. The technical damage caused from yesterday’s pullback was severe, but the bounce off of the lows might be telling another story.

Pre-Market Update: The bulls ran into trouble on Tuesday following China’s decision to devalue its currency. The losses wiped out Monday’s gains as selling pressure picked up during the second half of trading. The technical damage was severe, and a “death cross” officially formed on the Dow Jones, with the 50-day moving average falling below the 200-day moving average.

Pre-Market Update: The bulls snapped two streaks to start the week as they recovered the first layers of resistance. Monday’s market win not only snapped a seven-session losing streak for the Dow, but it also gave the blue-chips their first Monday win in three weeks.

Pre-Market Update: The bulls had trouble out the gate at the start of last week, as the Dow fell for the second-straight Monday. The VIX closed above 12.50, and Apple (AAPL, $115.52, up $0.39) dropped below $120 and its 200-day moving average for the first time in two years. All three of these were great clues that the rest of the week would be wild.

Pre-Market Update: Wednesday’s action in the S&P 500 Volatility Index ($VIX, 13.96, up 1.45) gave me a funny, but good, feeling that we would be locking in profits on some of our current trades as we headed into Thursday’s session. Although the market showed some strength on the open, the bears took over and pushed the second layers of support shortly afterwards.

Pre-Market Update: The bulls nearly got a clean sweep on Wednesday, but the blue-chips struggled to join the parade. For the most part, the bulls ended their three-session skid, but deeper concerns remain, as a number of high-profile companies continue to miss revenue expectations.

Pre-Market Update: The bears recorded their third-straight win on Tuesday following a tight and choppy session. The bulls showed a little life after testing resistance, but the late-day fade opened fresh wounds.

Pre-Market Update: The bulls were looking to get their third-straight win on a choppy Thursday and nearly got the hat trick before the blue-chips slipped into the close. The bulls are having a good July, as three of the four major indexes are higher as we go into the last trading session of the month. The small-caps are still struggling, however, and will likely finish the month lower.

Pre-Market Update: The market continued its late-July pullback last week, and the indices finished near multi-month lows. However, the five-session slide ended on Tuesday, as the bulls rebounded to push resistance and prior support.

Pre-Market Update: The bulls were looking to get their third-straight win on a choppy Thursday and nearly got the hat trick before the blue-chips slipped into the close. The bulls are having a good July, as three of the four major indexes are higher as we go into the last trading session of the month. The small-caps are still struggling, however, and will likely finish the month lower.

Pre-Market Update: The bulls posted their second-straight win on Wednesday and showed some follow-through from Tuesday’s takeoff. The bears tried to hold the second layers of resistance, but they failed for the most part, with the VIX closing right at the 12.50 level.

Pre-Market Update: The market rebounded on Tuesday to snap a five-session slide, as momentum increased during the second half of trading. Also, while one day doesn’t make a trend, the VIX collapsed back below 15 yesterday. The bulls still face numerous headwinds this week, but another strong close today could lead to additional short covering.

Pre-Market Update: The bears continued their attack on the lower levels of support on Monday, as the market slid for the fifth-straight session. Although the headlines blamed China, oil and the dollar for the decline, the technical picture had already given us the clues that more damage was coming.

Pre-Market Update: The bulls got off to a good start last week, as the market edged higher to push resistance and fresh all-time highs. However, the small-caps acted weak, and trading was tight ahead of a busy week for earnings.

Pre-Market Update: The bears did a little damage on Thursday, as they cracked the first layers of support following another round of mixed earnings results. The heavy flow of announcements continued after the closing bell, with Amazon.com (AMZN, $482.18, down $6.09) zooming 17% on better-than-expected numbers. This sets up the possibility of a continued trading range if the bulls rebound today.

Pre-Market Update: The market finished mixed on Wednesday, with support and resistance holding on both sides. The possibility of a continued trading range with upside potential for the bulls is still high, but further weakness could tilt those odds in favor of the bears.

Pre-Market Update: The market struggled at Tuesday’s open and got progressively worse throughout the session. Although a few Dow stocks accounted for the majority of the losses, Wall Street seemed nervous ahead of Apple’s (AAPL, $130.75, down $1.32) earnings report. They had reason to be, as shares were pushing $120 in after-hours trading.

Pre-Market Update: The market traded in a tight range on Monday, but the bulls managed to get the overall win despite a slip in the small-caps. Volatility spiked into the close but was also tight, as the VIX stayed between 11.50 and 12.50.

Pre-Market Update: The market finally got some resolution on Greece as the country took the final steps toward its third — yes, third — bailout plan. Germany folded its hand and signed off on the handout as it feared a Greek exit would create “chaos” on the euro.

Pre-Market Update: The indexes rebounded on Thursday to push past their upper resistance levels, and they are now on the verge of fresh all-time highs. Tech lead the way higher and got some good news after the close, with Google (GOOG) topping earnings expectations.

Pre-Market Update: The bulls cleared additional layers of resistance on Tuesday as the market closed higher for the fourth-straight session. The VIX is relaxing, and second-quarter earnings are coming in well versus Wall Street’s forecasts. Geopolitical headwinds remain, but the indexes are once again eyeing historic highs.

Pre-Market Update: The bulls cleared additional layers of resistance on Tuesday as the market closed higher for the fourth-straight session. The VIX is relaxing, and second-quarter earnings are coming in well versus Wall Street’s forecasts. Geopolitical headwinds remain, but the indexes are once again eyeing historic highs.

Pre-Market Update: The bulls continue to show why it has been hard to turn your back on them this year. Although numerous calls for a market top poured in through June and into July, I’ve talked about the possibility of a snapback rally this month.

Pre-Market Update:

Pre-Market Update: The bulls made a run past the resistance levels that served as prior support on Thursday morning, but the bulk of the day’s gains evaporated during the second half of trading. The indexes ended the session giving mixed signals, as global headwinds continue to cause uncertainty. The VIX ended the session higher after tripping 20 for the first time since early February.

Pre-Market Update: It was a frustrating day for Wall Street on Wednesday, as the halt of trading on the New York Stock Exchange lasted into the final hour of the session. Although the “technical glitch” was not blamed on a cyber-attack, other financial websites went dark for a period of time as well. The technical damage that has been done to the major indices is now reaching a breaking point, but the bulls held the last lines of defense into the close.

Pre-Market Update: The bears cracked lower levels of support and pushed the VIX near 20 again on Tuesday. However, their efforts were wasted, as a powerful snapback rally ensued off of the lows. The bulls still struggled with resistance, but a bottoming process could form if there is any follow-through today.

Pre-Market Update: The bulls brushed off Greece’s latest worries to hold support but failed at gaining traction on Monday. The bears held resistance to keep the indices within their five-month trading range and appear to have more momentum at the moment.

Pre-Market Update: The technical picture continues to show additional weakness but any damage done today and this week will be blamed directly on Greece. The country’s citizens voted “no” by more than a 60% to 40% margin against further bailout conditions and aid. The decision to go it alone could result in pushing the country closer to bankruptcy and an exit from the euro currency. However, I wouldn’t be surprised if new developments came about in the coming weeks to still “save” the country.

Pre-Market Update: The bulls showed why it has been hard to throw the towel in on a continued run to higher highs, as they recovered the first layers of resistance on Wednesday. More headlines out of Greece swayed the market, and the technical picture is still showing major volatility ahead.