SHORT TERM: stocks open lower but rally, DOW +25
Overnight the Asian markets were mostly higher with only China’s SSEC displaying a loss. Europe started its day higher, but turned about 0.30% lower as the US markets opened. As a result the US market opened slightly lower, but quickly rallied 1446 by 10:00. Bonds are up over 1/4 point, Crude is $1.00 lower, Gold is up $5.00, and the Euro is slightly higher. Support for the SPX remains at 1438 and then 1410, with resistance at 1462 and then 1484. Short term momentum is rising. Not much on the economic agenda this morning, but the FED announced before the open, that it would provide ample liquidity through year end. Best to your trading!
MEDIUM TERM: correction
LONG TERM: bullish.