I am confused

It seems that the stock market is struggling to find any meaningful direction. S&P500 bounced off the critical 888 level, which also happened to be 200D mmv but it could not go past 900. Volume was strong however. We'll see if 9o0 will be broken today. Given the futures market it is likely but future has not been the best predictor for market direction. For S&P500, if it goes below 895, the hourly up-trend will be broken and it could retrace its yesterday's low. For NASDAQ it held up its 1,770 level yesterday which also happened to be 50D mmv but failed to break 1,795. The short-term spport is 1,780

Given the uncertainty in the market, the place to put bets on is defensives names. GIS is showing a strong up-trend following its earnings results on July 1st. It is over its 200D mmv but today it could re-trace 60 level (I made a bad trade yesterday). PEP also looks interesting. It might re-test 56.90.

JPM bounced off its 200D mmv on a strong volume. This is a good sign. However, there is strong resistance at 32.80, we'll have to see if it breaks it. The other critical level is 32.30 and then 32.00.

CAT is on a downtrend. It might head towards 31 but it hold 31.55, it'll be interesting.

FCX is interesting and the level to watch is 45.25.

GOOD LUCK.