SHORT TERM: quiet day to end the month.
Stocks gapped down at the opening, but quickly recovered and made the high for the day by 10:30. After that the day was spent within the first hour’s trading range. A fairly quiet conclusion to a month that started with another relentless wave down. For the month: the SPX gained 0.5%, the DOW was marginally lower, and the NAZ/NDX declined 4%. Posting a SPX weekly chart in the photo section, which displays that the 15 month uptrend line held, and the OEW trend is up. Regarding the "techs": the SOX index displays a positive quadruple RSI divergence at the recent lows and a spike low bottom on the weekly chart, see SOXdaily in the photo section. Also, the R2K is displaying a completed flat with an OEW trend reversal, additional evidence that the trend is turning higher for the stock market. Short term momentum is at neutral after a sideways day. Expecting the rally to resume. Best to your week!
INTERMEDIATE TERM: uptrend SPX/DOW and impulsing higher NDX/NAZ
LONG TERM: bullish.