SHORT TERM: slight gap down opening which was filled, but market turned lower again.
Overnight the Asian markets were mostly higher, with Australia’s ASX and India’s BSE posting all time new closing highs. Europe came in about 0.33% lower, and our stock indices gapped down slightly at the open. Some buying rallied the market to unchanged in the first 15 minutes, but it has again turned lower. Gold is rallying, Crude is lower and Bonds are about flat. Lots of economic data this week. This morning the core PCE index, tuesday Chicago PMI, wednesday Oct auto sales, thursday Productivity, and friday the Bond market favorite Non-farm payrolls. Plenty for everyone. Technically, it does look like we’re in a wave iv pullback mode, as the SPX has now declined 16 points from its highs. This is its largest pullback since mid-September. Best to your trading!
MEDIUM TERM: bullish … most major indices uptrending
LONG TERM: bullish.