SHORT TERM: gap up and go kind of day, DOW +181
Overnight the Asian markets gained 0.2%. European markets opened higher and gained 0.4%. US index futures were higher overnight, and the market gapped up at the open to SPX 1858 but started to pullback. At 10am Wholesale inventories were reported higher: +0.5% v +0.6%. Just past 10am the opening gap closed at SPX 1852, but the market started to drift higher awaiting the FOMC minutes at 2pm: http://www.federalreserve.gov/newsevents/press/monetary/20140409a.htm. After the minutes were released the market took off to the upside. Heading into the close the SPX hit 1872, the high for the day, and closed there.
For the day the SPX/DOW were +1.10%, and the NDX/NAZ were +1.75%. Bonds gained 4 ticks, Crude rallied 80 cents, Gold rose $2, and the USD was lower. Medium term support rises to the 1869 and 1841 pivots, with resistance at the 1901 and 1962 pivots. Tomorrow: weekly Jobless claims and Export/Import prices at 8:30, then the Budget deficit at 2pm.
The market gapped up at the open today, filled the gap, then moved higher awaiting the FOMC minutes. When they were released the market rallied above the 1869 pivot and held it into the close. Thus far the market has rallied 35 points without one meaningful pullback. Previous rallies, during the 1897-1837 decline, were only 10 and 12 points. Also today the NDX/NAZ led the rally higher, for the first time since what appears to be mid-March. It is also interesting to note that the FED had a secret meeting on March 4th, two days before the NDX/NAZ ended their uptrend on March 6th. Guess it was only secret for the general public.
Short term support rises to the 1869 and 1841 pivots, with resistance at the 1901 pivot and SPX 1927. Short term momentum ended the day extremely overbought. The short term OEW charts turned positive with the reversal level now 1862. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: bull market