Good day! The market closed higher on Tuesday after experiencing a strong intraday pivot off lows on heavy volume. The Dow Jones Ind. Ave. ($INDU) rose 51.87 points, the S&P 500 ($SPX) gained 2.37 points, and the Nasdaq Composite ($COMPX) climbed 5.50 points. Volume was 1.718 billion on the Big Board and 2.043 billion on the Nasdaq as the market tried to find a common ground amidst a barrage of news and market data.

Although the energy sector closed higher ($XOI), crude-oil futures fell to 3 week lows. August delivery for crude closed at $73.54/barrel as investors continue to attempt to stay ahead of the affects of violence in the Middle East on the oil supply. In Tuesday's economic data, producer prices rose 0.5% in June, higher than expected, but core inflation fell in line with an 0.2% increase. Individual stocks moving on news included Target Corp. (TGT, -4.2%) after it cut its same-store sales forecast for July and finally found some strong follow-through on a breakdown of the weekly trading range and Coca-Cola Co. (KO, +2%) after beating earnings. Other top gainers were CCK, AFR, CVD, AMTD, WIRE and OMCL. Top losers included the likes of CNC, BBY, CDE, JBL, MTG, ANF and LNY with retailers feeling a lot of the pressure.

Intraday the market experienced a great day for technical-based daytraders. Reversal periods held well, support and resistance levels created a lot of intraday pivots, etc. It began with a bit of an upside gap at the open, but Monday's highs held buyers in check. Choppy action out of the open eventually led to a closure of the gap and continued selling into the 11:00 correction period period. The breakdown intraday also managed to trigger a breakdown on the 30 minute charts, although the larger daily trend placement aided in the prevention of another large decline.

The indices began to correct off support between 11:15 and 11:30 ET. A slowdown in the selling helped pull the market quickly into 5 minute 20 sma resistance, but the indices had a more difficult time turning the pace over in favor of further bullish action at that point. Instead, the 15 minute 20 sma served as significant resistance and a third test of the intraday support levels gave way to another strong wave of selling on the 15 minute charts. The pace slowed around 13:15 ET, but it wasn't until the 14:00 ET reversal period that we began to see it starting to favor the intraday bulls. This change in place came about as a result of a 2-5 minute reverse head and shoulders pattern. Once the right should broke, a surge of upside momentum flooded the market.

Congestion from earlier on in the session, as well as the 5 minute 20 sma resistance in the S&P 500 and Nasdaq Comp., stalled the buying shortly after 14:30 ET. A light volume pullback into the 5 minute 20 sma held, however, and by the end of the day the indices were all within reach of the highs of the day.

The tone of the trading on Tuesday leaves me still feeling that market is favoring congestive activity at the present. There's a lot going on in the world right now and earnings, economic data, geopolitical concerns, and much more are weighing heavily on potential swingtrades. I'm not ruling them out, but it will be a lot less hectic if the those with swingtrade potential start out with daytrade patterns based upon intraday activity. It then becomes easier to reduce risk ahead of the close if need be.

Economic Reports and Events
July 19: Building Permits for June (8:30 am), Core CPI and CPI for June (8:30 am), Housing Starts for June (8:30 am), Crude Inventories 7/14 (10:30 am)
July 20: Initial Claims 7/15 (8:30 am), Leading Indicators for June (10:00 am)
July 21: Philadelphia Fed for July (12:00 pm), FOMC Minutes - June 29 (2:00 pm)

Earnings Announcements of Interest
Only stocks with an average daily volume of 500K+ are listed. List may not be complete so be sure to always check your stock's earnings date before holding a position overnight. (A) = Earnings after the close, (B) = Earnings before the open, (?) = Earnings time not specified at the time of this writing
July 19: ABT (?), ADS (?), DOX (?), ASD (?), APH (?), AMR (?), AAPL (A), ASML (?). AZR (A), BAC (?), BCR (A), CDWC (B), CIT (B), CBSS (?), CBST (A), ET (A), EBAY (?), EFII (A), FHN (A), FLIR (B), GD (B), GPC (B), HST (B), INTC (A), ISIL (A), JPM (B), JNPR (A), KEA (?), NITE (B), LRW (A), LRCX (?), MAN (B), MEL (B), MOGN (A), MGI (?), MOT (A), NTRS (?), NVLS (?), JNC (B), NVEC (?), PNC (?), PLCM (?), QCOM (A), RDN (A), RMBS (?), RYL (B), SSTI (?), LUV (B), STJ (B), STI (B), SWFT (?), SNV (?), TER (A), ALL (A), BK (B), TMK (A), UIS (B), UNH (B), WM (A), YUM (A)
July 20: ACMR, AME, BAX, BBT, BLS, BHE, CBOT, CHIC, CHZ, CPS, CMA, CAL, CBE, DHR, CY, DJ, DHI, ELNK, ENDP, EFX, FCS, F, IMCL, ITW, LSTR, LOGI, MMR, MDC, MEDI, NE, NOK, NCX, NVR, ORB, BTU, PFE, PPG, REDF, RS, RIMG, SAP, SCHL, SLM, SMMX, TXT, TMK, TRAD, TZOO, UTEK, USAP, WB, WFT, AMD, AFFX, AH, AVID, BRCM, BTUI, COF, CERN, CHRT, COHU, CPWR, DST, FFIV, GILD, GOOG, HAL, HYSL, INFA, NSIT, XXIA, LAUR, LEG, MENT, MSFT, MDCC, MROI, NDAQ, PDFS, RLI, RSAS, SCST, TPX, XPRSA, VRSN, XLNX, and ZHNE.
July 21: ACO, ACI, CAT, LLY, GAP, HBAN, IUSA, ERICY, NUE, RSH, SLB, SEPR, WL, and CYT
Note: All economic numbers and earnings reports are in lines with those compiled by Yahoo Finance. Occasionally changes will occur that are made after the posting of this column.

Toni Hansen is President and Co-founder of the Bastiat Group, Inc., and runs the popular Trading From Main Street. She can be reached at Toni@tradingfrommainstreet.com.