SHORT TERM: gap up opening then choppy day, DOW -44
Over the extended weekend the Asian markets gained 0.6%. Europe opened higher today but finished flat. US index futures were higher overnight, and the market gapped up to SPX 1847 at the open. The SPX had closed at 1839 on Friday. In the first few minutes the SPX hit 1849, and then began to pullback. Just after 11am it closed the opening gap, and then declined to SPX 1832 by 12pm. Setting up a positive short term divergence at the low, the market then started to rally. At 2:30 the SPX hit 1844, pulled back to 1841 by 3:30, then ended the day at 1844.
For the SPX/DOW were mixed, and the NDX/NAZ were +0.70%. Bonds lost 3 ticks, Crude gained 65 cents, Gold dropped $12, and the USD was lower. Medium term support remains rises to the 1841 and 1828 pivots, with resistance at the 1869 and 1884 pivots. Tomorrow: no economic reports scheduled.
Choppy day! The market gapped up at the open, hit SPX 1849, then gave it all back and then some to 1832. Then it rallied again. The pullback from SPX 1851 has now extended into three waves: 1835-1849-1832. The SPX found support again within the 1828 pivot range, and then rallied over the 1841 pivot for the second time. With the short term positive divergence at today’s low, probabilities suggest Minute wave iii is now underway.
Short term support is at the 1841 and 1828 pivots, with resistance at SPX 1851 and the 1869 pivot. Short term momentum finished the day above neutral. The short term OEW charts flip-flopped again today, ending positive, with the reversal level now SPX 1841. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: bull market