SHORT TERM: decline continues in half day trading session, DOW -52
Overnight the Asian markets open, rose 0.2%. European markets opened higher, but lost 0.2%. US index futures were lower overnight, and the market opened at SPX 1427. The SPX had closed at 1430 on friday. By 10:00 the SPX had dipped to 1425. It then bounced to SPX 1428 by 10:30 before heading lower. Heading into the last hour of trading the SPX hit 1425 again, then bounced to a 1427 close.
For the day the SPX/DOW were -0.30%, and the NDX/NAZ were -0.25%. Bonds were down 5 ticks, Crude slipped 10 cents, Gold added $3, and the USD was higher. Medium term support for the SPX remains at the 1386 and 1372 pivots, with resistance at the 1440 and 1499 pivots. Most of the markets, worldwide, will be closed for the Christmas Holiday tomorrow.
The market opened lower today, hit SPX 1425, bounced to 1428, then headed to 1425 again before ending at 1427. Overall, the range for the entire day was only three SPX points. Not much to go on, as most traders are already on holiday.
Short term support remains at SPX 1422/27 and 1413/16, with resistance at the 1440 pivot and SPX 1463/64. Short term momentum ended the day rising off of slightly oversold. The short term OEW charts remain negative, from SPX 1431, with the swing level now around 1430. Best to you and yours this Holiday season!
MEDIUM TERM: uptrend
LONG TERM: bull/bear 50/50 heading into 2013