SHORT TERM: US markets closed, YM +42
Overnight the Asian markets gained 0.8%. European markets opened higher and gained 0.3%. US index futures closed higher with ES +4 and NQ +15. Bonds lost 3 ticks, Crude slipped 10 cents, Gold gained $6, and the USD was lower. Thus far it looks like a record high opening on Friday. But this is subject to change with the Thursday overnight session.
After reviewing the characteristics of this bull market, this market appears to be reaching an inflection point. Fifth waves, as you are aware, have been relatively weak during this bull market. This particular fifth wave, Major wave 5, is currently reaching the level of maximum length for a non-subdivided wave. Should it continue to rise another 1% to 2% the probability arises for an extension of Major 5. This would imply Intermediate wave divisions/trend changes, like we experienced during Major waves 1 and 3. And, that would suggest this current uptrend is only Intermediate wave one of Major 5. More on this in the weekend report. Enjoy the holiday!
MEDIUM TERM: uptrend
LONG TERM: bull market