SHORT TERM: choppy session today as Crude tanks, DOW -77
Overnight some selling pressure remained on the stock index futures in a mixed Asian session. With Europe coming in lower as well, stocks opened to the downside as the SPX hit 1531 by 12:00. A rally took out the highs for the day by 2:00 at 1538. However, another turn to the downside ended the session mixed, as the SPX hit 1530 right before the close. At the close the SPX/DOW were -0.60%, and the NDX/NAZ were mixed. The NDX made a new bull market high during today, for the second time this week. Bonds lost two ticks, Crude dropped $3.75, Gold lost $6.00, and the Euro was flat. The SPX closed right at support of 1530, resistance remains 1556 and 1576. Short term momentum was overbought coming into the day, but is now closer to being oversold. It appears the market is still in the first wave up from the recent lows. Tomorrow should be quite a wild day. Best to your evening!
MEDIUM TERM: bullish, still targeting SPX 1620
LONG TERM: bullish.