Markets Slammed Into Master Level On Recovery Worries
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The markets gapped sharply lower on the back of continued global concerns over growth and specifically the U.S. recovery. More and more data points to another double dip recession in the United States. After the initial gap down at the open, the markets traded at a major daily technical support level on the SPDR S&P 500 ETF (NYSE:SPY) at $105.80. This happens to be the pivot low going back to the July 20th, 2010 shown on the chart below. The markets traded in this range into the 10am ET economic data release of the Existing Home Sales. Existing Home Sales fell by a stunning 27.2%. This rocked the market causing a collapse down to the even number of $105.00. The markets quickly bounced back over the next 30 minutes to the $105.80 level and are currently trading slightly above that master level. This level continues to be one to watch. If the markets were to close below, look for further downside to $101.00 - $102.00. As long as the SPY stays above that $105.80, the markets could trade flat to higher.
What caused the bounce back higher? The horrible economic news caused a collapse in the dollar. The PowerShares DB US Dollar Index Bullish (NYSE:UUP) dropped from $24.22 to $24.05, allowing the markets to bounce back up. The inverse relationship between the dollar and the markets lives! As the dollar helped get the markets back above the master $105.80 level, light volume has now taken over and they are floating neutral to higher. Truly a wild ride today in the markets.
Gareth Soloway
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