SHORT TERM: market toggles SPX 1530 all day closes lower, DOW -17
Stocks opened higher this morning as the SPX hit 1534 after closing above resistance of 1530. A pullback followed to 1525, only to be followed by another run at 1530. A slightly larger pullback in the afternoon took the SPX to 1522, but it moved higher into the close. At the close the SPX/DOW were -0.20%, and the NDX/NAZ were -0.30%. Bonds closed flat, Crude lost $1.25, Gold rallied $9.50, and the Euro was higher.
The SPX continues to toggle the current resistance level at 1530. Once cleared the next level is the all time high of 1556. Support remains at 1506. Short term momentum was a bit overbought this morning, and headed lower into the close. The NDX made a new high every day this week, and was the only index to make new highs all week. Tech high cap continues to lead. Added Humana to our list. Best to your weekend!
MEDIUM TERM: bullish
LONG TERM: bullish.