SHORT TERM: all time new highs again, DOW +55
Overnight the Asian markets gained 0.2%. Europe opened higher and gained 0.3%. US index futures were higher overnight, and the market opened one point above yesterday’s SPX 1796 close. After an initial dip to SPX 1795 in the opening minutes the market started to drift higher. At 12:15 FED governor Tarullo’s speech was released: http://www.federalreserve.gov/newsevents/speech/tarullo20131122a.htm. The market continued to move higher throughout the day with only a couple of two point pullbacks. Nearing the close the SPX hit 1805 and ended the week there.
For the day the SPX/DOW were +0.40%, and the NDX/NAZ were +0.55%. Bonds gained 9 ticks, Crude lost 60 cents, Gold added $1, and the USD was lower. Medium term support remains at the 1779 and 1699 pivots, with resistance at the 1828 and 1841 pivots. Last night the FED reported a decline in the M1-multiplier: 0.707 v 0.735. Today the WLEI was reported higher: 52.4% v 52.2%.
The market opened higher today for the third day in a row. With the exception of yesterday’s gap up opening the gradual rise during the day was quite similar. Minor wave 5 confirmed its presence with a new all time high. Minor 5’s first level of resistance has been reached SPX 1804 [Minor 5 = Minor 1]. Should it continue higher SPX 1810 would be next [Int. v = 0.618 Int. i], and then SPX 1818 after that [Minor 5 = Minor 3]. Will have a better idea of the bigger picture after the weekly review.
Short term support at the 1779 pivot and SPX 1746, with resistance at SPX 1804-1810, SPX 1818, and then the 1828 pivot. Short term momentum ended the week quite overbought. The short term OEW charts remain positive with the reversal level now SPX 1794. Best to your weekend!
MEDIUM TERM: uptrend
LONG TERM: bull market