SHORT TERM: US markets closed, DOW (YM) +6
Overnight the Asian markets gained 0.7%: mostly Japan. Europe opened lower but gained 0.2%. US markets were closed for Presidents day. At the close of futures trading the SPX (ES) was +1.25, and the NDX (NQ) was +3.50. Bonds lost 2 ticks, Crude slipped 35 cents, Gold lost $3, and the USD was higher. Tomorrow: the NAHB housing index will be reported at 10:00. Short term support remains at the 1499 pivot and SPX 1471/75, with resistance still at the 1523 and 1552 pivots.
Over the weekend we upgraded the USD/DXY charts to a more bullish count. Several factors involving the CAD, CHF, EUR, GBP, JPY and Gold/commodities contributed to the upgrade. We are no longer expecting a retest of the 2011 lows. The recent retest of the 2012 lows looks sufficient. The seven year USD bull market continues.
MEDIUM TERM: uptrend
LONG TERM: bull market