SHORT TERM: no Gov’t, no Banks = no market movement, DOW +21
Overnight the Asian markets gained 0.6%. Europe opened higher and gained 0.3%. US index futures were higher overnight, but the market opened two points below Friday’s SPX 1771 close. In the opening minutes the market dipped to SPX 1768, then bounced to 1773 by 10:00. After that the market was done for the day as it remained in a two point trading range into a SPX 1772 close.
For the day the SPX/DOW were +0.10%, and the NDX/NAZ were mixed. Bonds lost 3 ticks, Crude added 45 cents, Gold slipped $4, and the USD was lower. Medium term support remains at the 1699 and 1680 pivots, with resistance at the 1779 and 1828 pivots. Tomorrow: no scheduled on the economic front.
Today the market opened slightly lower, dipped to three points under Friday’s close, then bounced to two points above Friday’s close. After that the market went into a two point trading range for the next 5.5 hours, of the 6.5 hour trading day. Today was a total non-event. So what was different about today compared to nearly all other trading days. The Government, the Bond market and the Banks were all closed for the holiday. Seems fairly clear what has turned a market of stocks prior to the 1980’s, into the stock market of today. Just my opinion of course.
Short term support remains at SPX 1746 and SPX 1730, with resistance at the 1779 pivot and SPX 1810. Short term momentum backed off some from quite overbought. The short term OEW charts remain positive with the reversal level now SPX 1765. Best to your trading when all the market movers return tomorrow.
MEDIUM TERM: uptrend
LONG TERM: bull market