SHORT TERM: stocks rally to start FED week, DOW +45
Overnight the Asian markets were sharply higher and Europe came in about 0.70% higher as well. Stocks rallied at the open following overnight buying in the stock index futures. Within the first few minutes the SPX rallied to 1545, and has now pulled back. The NDX made another new high in the opening minutes. Bonds are down two ticks, Crude is 50 cents higher, Gold is up $5.00, and the Euro is slightly higher. Support for the SPX remains at 1530 with resistance at 1556 and then 1576. Short term momentum is still rising and is getting overbought. No economic reports today and the FED’s FOMC meeting starts tomorrow. With all that is up ahead for this week it should be quite a wild one. The uptrend continues to looks good. Best to your trading!
MEDIUM TERM: bullish
LONG TERM: bullish