SHORT TERM: new highs then pullback, DOW -11
Overnight the Asian markets gained 0.4%. Europe opened lower but finished mixed. US index futures remained higher overnight, and the market opened at SPX 1809 an all time high. At 10:30 the SPX hit 1814, went sideways for a couple of hours, then began to pullback. Heading into the close the SPX hit 1804, then bounced to end the day/week/month at 1806.
For the day the SPX/DOW were -0.05%, and the NDX/NAZ were +0.45%. Bonds lost 7 ticks, Crude gained 85 cents, Gold rose $12, and the USD was lower. Medium term support remains at the 1779 and 1699 pivots, with resistance at the 1828 and 1841 pivots. Today the WLEI was reported higher: 52.7% v 52.4%.
The market opened higher again today, made another all time high, then pulled back into the close. Today’s pullback was the first significant one since a week ago Wednesday. Another subdivision? An uptrend top? We’ll review the charts and see how things look in the weekend report.
Short term support remains at the 1779 pivot and SPX 1746, with resistance still at SPX 1804-1810, SPX 1818 and the 1828 pivot. Short term momentum displayed another negative divergence at today’s high then dropped below neutral. The short term OEW charts might have created support today as the reversal level is now SPX 1804. Best to your holiday weekend!
MEDIUM TERM: uptrend
LONG TERM: bull market