Market Recap - 7/23/2015

Today the market went up at the open with some follow through from AAPL. The SPX started to reverse after AAPL made its push to HOD. Then an hour before noon, the market started to accelerate downward. The low it put in repeatedly did not attract buyers, and the feeble bounce generated more declines. Finally, in the last hour of trading, the market bounced and closed off the day’s low. However, the low that was made does not appear to have attracted renew buying, therefore the market could move lower to search for buyers.

Here are the numbers: DJI down -119.12 or -0.67%, SPX -12.00 or -0.57%, NDX -20.41 or -0.44%, and RUT -13.37 or -1.06%.

Tomorrow is OpEx day and some notable names have reported their earnings after the market close today. Two names that will have some influence on the movement of the market are V and AMZN. Both of them reported good earnings and their stock price went up substantially in after hour trading. If these gains hold up, the DJI, SPX and NDX could move higher.

For the near term, the resistance level for the SPY could be 211.99 and the support could be 207.95, these levels correspond to 2142.20 and 2080.15 resistance and support level respectively for the SPX.

SPY

(click on the chart to enlarge)


SPX



After the updated open interest data is available, I will update the OI chart for AAPL & SPY and will post them on my twitter stream along with my initial guess on where the pin might be.