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.
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