SHORT TERM: another new high, DOW +72
Overnight the Asian markets, that were open, gained 0.1%. Europe opened higher, and also gained 0.1%. US index futures were higher overnight, and the market opened three points above Monday’s SPX 1841 close. Then continued to rally. Just after 11am the SPX hit 1849, and started to pullback. Around 3pm the SPX hit 1842, then spiked to 1849 just before closing at 1848.
For the day the SPX/DOW were +0.40%, and the NDX/NAZ were +0.60%. Bonds lost 11 ticks, Crude slipped 70 cents, Gold rose $7 and the USD was higher. Medium term support remains at the 1841 and 1828 pivots, with resistance at the 1869 and 1884 pivots. Tomorrow is New Years Day. Happy new year!
The market opened within one point of matching the all time high, then made a higher high at SPX 1849 before pulling back. Quite a year considering the SPX started January 2013 at 1426. Nearly five years into a bull market, and it looks like 99% are finally bullish. The rally to today’s SPX 1849 high still looks like three Minute waves off the FED’s 1768 low: 1811-1801-1849.
Short term support remains at the 1841 and 1828 pivots, with resistance at the 1869 and 1884 pivots. Short term momentum displayed a negative divergence at today’s high, and the market pulled back some. The short term OEW charts are still positive with the reversal level now SPX 1838. Happy New Year everyone!
MEDIUM TERM: uptrend
LONG TERM: bull market