Swing High

This morning, two retail sales reports came out with weak numbers. Both ICSC-Goldman Store Sales and Redbook numbers showed that consumers are not spending much so far for the holiday season. Naturally, stocks are declining on that news. Also fueling the decline in stocks is the strength in the dollar (UUP) today. The Nasdaq (QQQQ), Russell 2000 (IWM), and Financials (XLF) are all relatively strong today. Meanwhile, the S&P 500 (SPY) and Dow Jones Industrial Average (DIA) are the weakest indexes, so far, for the session. The TICK is bullish as stocks have been fighting back higher for much of the day after a big sell off to start the session. The TRIN is extremely bearish today. The VIX is up well over 3% which also provides for a bearish sentiment read.

Right now, SPY is wrestling with the support/resistance line of 110. We will review how things play out in the Post Market Analysis this evening. Thanks for being a part of Swing-High.com! Always trade with a stop loss and manage your risk appropriately.

Happy Trading,

Jason

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