SHORT TERM: DOW closes only 4.43 points below all time closing high!
After the final Q2 GDP was revised lower this morning, bonds weakened, and the stock indices had a quiet opening. After rallying for a few minutes stocks headed lower into noon, where they bottomed, and turned higher for the rest of the day. The SPX and DOW made new highs for the bull market, and the NDX/NAZ/NYA all made new highs for the uptrend. The DOW closed just four points below its all time closing high. And, this is only the second time in history that the DOW has closed over 11,700. The first being the previous record close of 11,722.98. The OEW patterns continue to look constructive. At the low today, there was a positive RSI divergence in both the SPX and NDX, see charts. Also, there was a positive SPX/NDX divergence at the lows as well, see derivative chart. The market should resume its uptrend shortly. Tomorrow, we have we have reports on consumer spending and core inflation, before the market opens. Then at 10:00, the Chicago PMI and consumer sentiment. Should make for an interesting day.
MEDIUM TERM: bullish … all mjaor indices uptrending
LONG TERM: bullish … and expecting SPX 1383 shortly.