SHORT TERM: higher open then trading range, DOW -41
Overnight the Asian markets gained 0.3%. Europe opened higher but lost 0.1%. US index futures vacillated overnight around unchanged, and the market opened two points above yesterday’s SPX 1844 close. Right after the open the market started to pullback. At 11am the SPX touched 1841, and then tried to rally. By 1:30 the SPX hit 1847, then pulled back to 1843 by 2pm. Another rally attempt hit SPX 1847 again at 3:30, then the market to close at 1845.
For the day the SPX/DOW were mixed, and the NDX/NAZ were +0.45%. Bonds lost 13 ticks, Crude gained $1.85, Gold slipped $5, and the USD was higher. Medium term support remains at the 1841 and 1828 pivots, with resistance at the 1869 and 1884 pivots. Tomorrow, all the economic reports for the week: weekly Jobless claims at 8:30, the FHFA housing index at 9am, then Existing home sales and Leading indicators at 10am.
Quiet range bound day. The market opened slightly higher, pulled back some, then tried to advance in the afternoon. It appears without help of the lagging DOW, (top line earnings woes), the SPX has had trouble making upside progress, despite the rallying NDX/NAZ. The short term count remains unchanged: Minute i SPX 1851, Minute ii SPX 1832, Minute iii underway.
Short term support remains at the 1841 and 1828 pivots, with resistance at SPX 1851 and the 1869 pivot. Short term momentum was rising gradually throughout the day. The short term OEW charts remain positive with the reversal level now SPX 1842. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: bull market