SHORT TERM: no gap opening, but new highs: DOW +52
Overnight the Asian markets lost 0.7%. Europe opened higher and closed +0.3%. US index futures were higher overnight. At 8:30 Q4 GDP was reported higher: +0.4% vs +0.1%, but weekly Jobless claims were reported higher: 357K vs 336K. The market opened at SPX 1564, dipped to 1561 in the first few minutes, then moved higher. The market had closed at SPX 1563 yesterday. At 9:45 the Chicago PMI was reported lower: 52.4 vs 56.8. At 11:30 the market hit a new high at SPX 1568. Then after a pullback to SPX 1564 by 12:30 the market moved higher again. Heading into the close the SPX hit 1570, then pulled back to 1569 to end the day/week/month/quarter.
For the day the SPX/DOW were +0.35%, and the NDX/NAZ were +0.30%. Bonds lost 7 ticks, Crude gained 55 cents, Gold slid $9, and the USD was lower. Medium term support remains at the 1552 and 1523 pivots, with resistance at the 1576 and 1614 pivots. Tomorrow: Personal income/spending, PCE prices and Consumer sentiment will be reported, but the market is closed.
The market opened higher today, then made a new uptrend high before 11:00. It has been quite a run from mid-November and SPX 1343 to 1570 today. The all time high is SPX 1576. Q4 GDP came as expected so it was non-event. Despite today’s rally the market is still within the rising triangle we have been tracking, but at the upper limit. This uptrend just keeps in ticking. We will give a holiday update tommorow, then review all the charts for the weekend update.
Short term support remains at the 1552 and 1523 pivots, with resistance at the 1576 and 1614 pivots. Short term momentum ended the week quite overbought. The short term OEW charts remain positive with the reversal level now at SPX 1558. Enjoy your holiday!
MEDIUM TERM: new uptrend high at SPX 1570
LONG TERM: bull market