Tuesday light volume bounce to close the broader indexes green on the day. Green day was not accompanied with heavier volume than we saw yesterday, so it was not an accumulation day, but it was not bad volume by any means. Just yesterday’s volume was greater and a very expanded range, today was slightly light and much narrower range. Digestive action and that is what usually follows heavy volume expansion days.

I said last night we would likely take out Monday’s lows but rebound and close higher. Well that is exactly what we did on Tuesday. The rocky start did not plague the day and buyers did come in to push us up, however there was a lot of chop (also expected) to get any move in motion.

Crude closed up 54 cents at $60.86 on the day. Which was well off the mid day high at $61.20. Gold fell $3.30 to close at $637.30. After Chairman Bernanke spoke the gold market picked up pace but then fell off. His speech was pretty muted, because it really didn’t tell us anything new. He is still leaning toward no rate cuts with moderate growth and core inflation slowing gradually. It sounds as though he is still feeling fine with things despite the data we have seen lately that is showing a slow down in growth. But perhaps he wants that, just HOW much is enough though. So for now the Fed is same old “doing nothing and data dependent” stance.

Wednesday more big economic data is due out in the pre market and then throughout the day. Which should create volatility and keep the bias neutral going into the day. I do have a slightly bullish bias as we enter the day, but the data can derail that easily. Look for buying interest early and for sustained momentum. Tech lagged some today so we need to see the Nasdaq pick up some steam and move us or this corrective pullback is not over. One days bounce and the prior days pullback does not leave us with clear conviction, so don’t get married to a direction. This will be a busy week with a lot for the market to contemplate after a VERY big run up.

Economic Data for the Week of November 27 – December 1: Wednesday 08:30 GDP Prel., 08:30 Chain Deflator-Prel., 10:00 New Home Sales, 10:30 Crude Inventories, 14:00 Fed's Beige Book, Thursday 08:30 Initial Claims, 8:30 Personal Income, 08:30 Personal Spending, 10:00 Chicago PMI, 10:00 Help Wanted Index, Friday 00:00 Auto Sales, 00:00 Truck Sales, 10:00 Construction Spending, 10:00 ISM Index.

Some earnings for the week: Wednesday pre market DSW, TIF and after the bell CHS, SNPS and TIVO. Thursday pre market DLM, DG, HNZ, and after the bell HRB, ISLE, OVTI, UNCA. Friday pre market WMG.

ES (S&P 500 e-mini) Wednesday’s pivot is 1386.50, weekly pivot is 1404.50. Intra day Support: 1386.50, 1383.25, 1382, 1380 and 1376. Resistance: 1390.75, 1392.75, 1396.25 and 1399.75. 30 minute chart is below.

Compx (Nasdaq composite) closed +6.69 at 2412.61. Support: 2392.01, 2374.27, 2360.88, 2349, and 2340.79 50dma. Resistance: 2420.02, 2429.26, 2445.47, 2451.66 and 2468.42.

Teresa Appleton has traded equities and options for nine years and futures for seven. She is founder and CEO of TradeLogic, LLC. For more information about Teresa and the training she offers stock, options and futures traders, click here.