2110-2119-Tough As Nails

The S&P 500 has tried over and over to clear 2110 in an attempt to get back to 2119. The bulls have tried repeatedly to make the move only to see the bears stop it at 2110. There are many failures no matter how bullish the market seems when it gets there. We got there again today only to fail slightly at the close. That does not mean we won't break out tomorrow as the oscillators are set up to make the move. There really are no excuses for the bulls not to make this happen. Daily chart set-ups on all the index charts are favorable. If we don't break out tomorrow that's not bearish as long as the bulls keep things close.

No big gap down and run, yet again, which seems to happen every time we're right there at the breakout. 210 has been the level the bears have used to try and protect the ultimate breakout at 2119 on the S&P 500. We didn't make the move today, but the overall market action was solid, with the right groups leading the way. Big earnings are coming over the next two days and either of those days could be the catalyst to making the bears cover their positions, giving the bulls the fuel they need for the breakout. The market is here yet again folks. Will we see failure yet again? Will the bulls get it done? It isn't clear based on history, but the oscillators are in good shape, thus, the bulls have their shot here. We'll know soon enough.

After hours we have a major mixed bag of earnings reports. eBay Inc. (EBAY) is the best I can find in terms of a percentage gain. F5 Networks, Inc. (FFIV), Las Vegas Sands Corp. (LVS), and QUALCOMM Incorporated (QCOM) are all pretty awful. Facebook, Inc. (FB) is down a tad, but that can turn up. Tractor Supply Company (TSCO) is not the best. AT&T, Inc. (T) is very nice. Some good and some bad. At first the market was down decently, but it has now bounced back. We'll see if that holds. The market wants to break out, it appears, and will be looking at earnings to find the excuse to bury the bears. If EBAY holds up maybe the market can use that as the excuse to find new buyers to break us over 2110 and ultimately 2119.

If a market wants to move higher it will find the excuse, even if most of the news on earnings isn't great. It'll find the one good report against five bad ones and move higher. Remember, we're in Disneyland. You're daily reminder, and, if the market wants to break out it will find the excuse, and if it wants to fail it will find that excuse as well. Apple Inc. (AAPL), the biggest of the big, comes Monday. Between now and then we have other big ones, such as Amazon.com Inc. (AMZN) and Google Inc. (GOOG) tomorrow, so it is possible for this market to break out before AAPL reports. Earnings will be the catalyst either way. It's all about the markets intentions. The daily charts say the reports should be decent enough, but we'll know for sure shortly.

The futures are a bit lower. The bulls need to make sure we don't get the same old here meaning a big gap down and run once we're at 2110, or close. While the earnings tonight are far from great there's enough good where there's no excuse for that to happen. Do keep in mind that while things may look good we don't know that they will be. You see the first move above 2110, and then get the final confirmation with a close above 2119 with a bit of force, and you're good to go. Don't count on anything taking place just because you think it will or want it to. The market has to prove itself. Don't forget we still have bad looking weekly and monthly charts, not to mention horrible froth headaches. Bull-bear a bit over 37%. Just atrocious. If we get the move we'll adapt to it.