A relatively quiet day with a positive bias, and one of the least volatile days I’ve seen in a long time. We opened on a positive note, sold off some, rallied into the afternoon, and caught some selling in the last hour, finishing on the lower part of todays positive range. The far east indices saw new highs, while europe was mixed. The TRANsports was the only index to make new highs today as it continues to extend its rally. There is a very nice impulse wave developed in the ES futures, with near term support is just under todays lows. A positive for the continuation of the rally. Short term momentum is at neutral, and the main four indices are trending higher nicely. The EW pivots: NAZ 2278, 2300 and 2333; NDX 1690, 1717 and 1761; SPX 1273 and 1295 continue to act as the support/resistance range for the indices, as they traded around midpoint all day. Overall a good day! Gold looks like it’s potentially topping here intermediate term. Five waves up from the Nov lows, with negative divergences.
INTERMEDIATE TERM: NEUTRAL
LONG TERM: BULLISH