SHORT TERM: markets close slightly lower.
Stocks opened lower this morning but quickly found the low for the day at around 11:00. The cyclicals retested that low at around 1:00 and then edged higher, with the techs, for the rest of the day. Short term support at the SPX 1450 pivot held, the low was 1448. Bonds closed 1/2 point higher, Crude ended flat, Gold rallied $3.00 and the Euro was higher. None of the stock indices made a new high today. Yet, the SOX index continued to rally, and has now joined all the other indices in uptrends. At the close: SPX/DOW was gain 0.30% lower, and the NDX/NAZ dipped 0.35%. For the week, the DOW lost about 1.0%, the SPX declined about 0.30%, but the NDX/NAZ were both up about 1.0%. Short term momentum was a bit oversold at the 1:00 lows in the cyclicals, but the market has yet to respond much. Generally speaking, it was a fairly quiet day, except for some movement in the commodties. Best to your weekend.
MEDIUM TERM: bullish
LONG TERM: bullish.