friday morning

SHORT TERM: stocks open slightly higher but turn lower, DOW -35
Overnight the Asian markets were mostly higher with only Japan’s NIKK lower, and the Europe markets came in mixed. The market rallied at the open after it was reported that the core PCE was 1.8%, the lowest inflation level (excluding food and energy) since 2004. The SPX hit 1534 within the first few minutes, but then market started to pull back. By 11:00 the SPX hit 1524 and is now trying to rally from that level. Bonds are up nearly 1/2 point, Crude is 45 cents higher, Gold up $10.00, and the Euro has crossed 142 in its uptrend.
The SPX continues to be stymied by the long term pivot at 1530. Support remains at 1506, with resistance at 1530 and then 1556. Short term momentum has moved back to neutral on this mornings pull back. The NDX, however, made another new bull market high. Which it has done every day this week. It’s the only major index to make a new high thus far. High cap techs continue to lead. Best to your trading!
MEDIUM TERM: bullish
LONG TERM: bullish.       

About tony caldaro

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