Today on the Marketbeat: Another Rangebound Tuesday

Market #'s @ Closing Bell: 

S&P: +7

DOW: +62

NASDAQ: +24

RUS2K: +8.6

TSX/S&P: +170

VIX: -0.52

Internals:

Core Sector List: 12/4

NYSE

BREADTH: 3/1 to the Bulls

AD LINE: +1750

NASDAQ

BREADTH: 4.2/1 to the Bulls 

AD LINE: +60 ticks

Today on the Marketbeat: Another Range bound Tuesday

It seems that the major exchanges have been riding the Moving averages this week. Yesterday we basically chopped around from open to close, with not much action in between. The action pretty much remained a bit of the same today with the S&P (ES Futures) gaped open with a 5pt gap, moved a bit more after the bell and then filled that gap before lunchtime. It continued its downward slide into the lunch hours, briefly breaking the daily pivot and making a turning point after recapturing it eventually breaking through the R1 - trying to break its daily highs until the bears stepped in around 3pm, coinciding with the 3pm reversal period.

Under the hood, the internals were surprisingly bullish today despite the choppy sideways action, now if one was to compare yesterdays bullish internals and put them side to side with today's, one would notice that neither market moved really higher, in fact today's close was only 3 pts above the close of yesterdays. However, when looking at just the NYSE Breadth & AD Line, one could notice some very one sided internals. The NYSE Breadth closed the day near its highs around 3/1 to the bulls, while the AD Line closed up 700 ticks up from yesterday. Could this action fit into a divergence? only time will tell.

Daily Watch list:

xle - big vol on calls yesterday (Monday)

rgld -bounce, bull engulf (support 45)

zion - good put entry point

nat - watch for retest, swing candidate

ndaq - put entry, rollin over, target 25

nyx - inverse h&s

esi - higher lows, retesting highs, 91.5 entry, supp 88

ung - watch for breakout to upside or bounce down

chd - watch close today for entry

nsc - at Resistance, watch 50 / turnaround

smh - 17.5/18