THE CLOSE

Markets closed higher but well off their best levels with the DJIA about 100 off and the SPX down about 10 from the high. Also interesting how the 50 SMA for both was about the high and if you watch the pivot points - yes a turnaround at the daily double resistance level.

Sectors- best- shipping, reits, oils, metals and gaming while utils, drugs and biotech lagged.

NYSE- 1750 net winners;

NAZ- 1280 net winners;

VIX- lower by 3.3% at 58;

Up volume about 6X the down;

Crude and gold higher while the dollar was off a bit.

Looking for turnaround Tuesday tomorrow as I suspect the news on the auto bailout gets sold - providing they have a deal- if no deal - that could really be a problem for the markets.

RSI (2) level- way overbought near 90 earlier on the major indexes and closing a bit lower but way too high for short term trading.

And a change for the trend per BESPOKE.