SHORT TERM: futures rise, YM (DOW) +45
Overnight the Asian markets rose 0.6%. Europe opened higher but declined losing 0.2%. US markets were closed for the Memorial Day holiday. At the close of holiday futures trading ES (SPX) +6.50 and NQ (NDX) +15.0. Bonds lost 2 ticks, Crude rose 35 cents, Gold added $1.00, and the USD was lower. Tomorrow, Case-Shiller will be reported at 9:00, then Consumer confidence at 10:00.
Should the market open at current levels tomorrow it would be right in the first resistance zone between SPX 1324/28. The second zone is between SPX 1342/47. Support remains at the OEW 1313 and 1303 pivots. The market closed at SPX 1318 on friday. Best to your holiday and trading week!
MEDIUM TERM: downtrend may have bottomed
LONG TERM: bull market