Market Recap - 7/16/2015

After pausing for one day, the market resumes its upward move. The NASDAQ 100 (NDX) closed at another new multi-year high. It is only approximately 110 points from the tech bubble closing high made on 3/27/2000. The upcoming earnings report from AAPL, FB and other large cap tech stocks could provide the fuel to push the NDX back to this historical high. GOOGL reported this afternoon after the market has closed and it is up over 11% in after hours. FB is also up in after hours at all time high. If these gains hold into tomorrow’s open, the NDX will be pushed closer to the tech bubble high.

The SP500 (SPX) broke above the Fib 78.6% retracement level and bumping up against a near term declining trendline that is in confluent with the June closing high. Another all time closing high from the SPX should not be a surprise if GOOGL, FB and AAPL continue to provide the fuel. The Dow Jones Industrial (DJI) also broke above its near term declining trendline and approaching the Fib 78.6% retracement level. This index is lagging the other major market index and it will need to be watched closely as other indexes make new high. The Russell 2000 (RUT) is once again above the Fib retracement zone. It did ended the session with a 0.66% gain, but it closed in the middle of the day’s range. It needs to close near the high end of the range in order to show it is gathering strength to take out the 1300 level and move into new high territory.

(click on the chart to enlarge)


Tomorrow will likely see increased volatility as monthly options expire along with some huge move from stocks reported good earnings.