SHORT TERM: market opens higher and holds, DOW unchanged
Overnight the Asian markets lost 0.2%. Europe opened higher, but lost 0.1%. US undex futures were higher overnight and the market opened at SPX 1382. The SPX had closed at 1380 on friday. In the opening minutes the SPX bounced to 1385 and then began to pullback. The pullback lasted until 11:30 when the SPX hit 1378, and then started to rally. Around 1:30 the SPX hit 1385 again, pulled back this time to 1379, and then just bounced around in a three point range to close at SPX 1380.
For the day the SPX/DOW were mixed, and the NDX/NAZ were +0.05%. Bonds were flat, Crude slipped 45 cents, Gold slid $4, and the USD was slightly higher. Medium term support remains at the 1372 and 1363 pivots, with resistance at the 1386 and 1440 pivots. Tomorrow: the Budget deficit at 2:00, then FED vice chair Yellen gives a speech at 3:30.
The market opened higher today, ran into resistance at the OEW 1386 pivot, (1385), then pulled back to the OEW 1372 pivot, (1377), before rallying back to the 1386 pivot again (1385). Today’s action was somewhat similar to friday’s, which remained within the 1372 to 1386 pivots as well. But friday opened lower, at SPX 1372 then rallied to 1391, and today was an inside day. Also it looked like volume was quite light on this Veterans Day holiday. SPX 1372 and SPX 1391 now appear to be the market parameters for the next short term move: above – higher, below – lower.
Short term support remains at the 1372 and 1363 pivots, with resistance at the 1386 pivot and SPX 1396/98. Short term momentum spent most of the day around neutral. The short term OEW charts remain negative with the swing level now around SPX 1399. Best to your trading!
MEDIUM TERM: downtrend
LONG TERM: bull market