Today, maybe not so much a Thriller, but definitely a market action Chiller. Or as the song goes, “…share a killer, diller
Chiller Thriller here tonight.”

Typical index, sector and group relationships swayed further from their norms. Nonetheless, none of the indices changed phases.

NASDAQ 100 hung tough above the 50 Daily Moving Average thereby holding onto its bullish phase.

The Dow rallied from its intraday lows to close green. Early on, DIA traded down to 180.35, inches from 18k in the Dow. Luckily, fear or Terror at 18k turns out as the protagonist of our “Thriller.”

The Russell 2000, a chiller on its own accord, suffered the biggest loss. That puts the low of the breakaway gap from July 12that 118.83 in focus.

If every Thriller has “grizzly ghouls” and heroes, how did the market casting director cast the rest of the Modern Family?

A hero, Regional Banks enjoyed the rising interest rate yields and closed green. Furthermore, Semiconductors cast as best supporting action hero, managed to hang onto her bullish phase.

No surprise, Biotechnology and Retail make our Thriller seem like a Zombiepocalypse. Still, short sellers or “creatures (that) crawl in search of blood,” could not take either sector below Friday’s lows.

As we look ahead, certain commodities might engender a level of trust. Corn, Wheat, Steel, Copper and Cotton all performed well.

Even though Oil, Gold and the Miners did not, that the soft commodities did could provide comfort even in the face of the interest rate yields and stronger US Dollar.

Finally, Thursday night, Amazon (AMZN), Google (GOOGL) and Facebook (FB) -3 out of the 4 FANG stocks report earnings. If FANGs disappoint, expect that they will sink their teeth into the already vulnerable market.

If they report in line or better than expectations, FANGs will “save you from the terrors on the screen.”

Currently, the market’s fighting for its life inside a thing with 40 eyes.

S&P 500 (SPY): 214 pivotal 216 resistance 212 support

Russell 2000 (IWM) 120 pivotal 118.83-119 support 123 place to clear/close above

Dow (DIA) 180 do or die support area and 182.50 resistance to clear

Nasdaq (QQQ) 117.50 area the 50 DMA support. Needs to get back over 119

KRE (Regional Banks) 42.30 the 50 DMA support with a move over 44 inspiring

SMH (Semiconductors 68.00 pivotal with 67 the 50 DMA support

IYT (Transportation) 143.15 the 50 DMA support which it closed just on making that an important pivotal point

IBB (Biotechnology) 265 key weekly moving average

XRT (Retail) Held 42.52. Yet one wonders what will spur this over the 200 DMA

GLD (Gold Trust) Back to unconfirmed Distribution Phase with some support at 120.50

GDX (Gold Miners) Through 25.10 see 26.00. Under 23.70 not so good

USO (US Oil Fund). 11.50 pivotal. 10.80 major support

TAN (Guggenheim Solar Energy) I might take a stab at this around 19.50

TLT (iShares 20+ Year Treasuries) If bear flag is right, could be in for a lot more nastiness

UUP (Dollar Bull) Could not confirm a topping formation as it closed over 25.48