Lately the markets have been singing the same ole tune, Steelers Wheel “Stuck in the Middle with You” seems appropriate. SPX continuing to stay in bounds of the latest range with upside resistance of 4100 and downside support of 3800, closing slightly above the 200d (3968). Markets erased almost all this weeks’ earlier losses with both the SPX (+1.89%) and NDX (+2.86%) taking advantage of elevated volumes. The NDX caught the bigger wave today and outperformed, after NFLX (+8.46%) reported subscriber growth of 7.66m, GOOGL (+5.34%) announced 12,000 job cuts and MSFT (+3.57%) closed in the green for the first time this year.
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