SHORT TERM: new highs then consolidation, DOW +15
Overnight the Asian markets gained 0.4%. Europe opened higher and gained 0.6%. US index futures were relatively flat overnight, and at 8:30 weekly Jobless claims were reported lower: 312k v 317k. The market opened unchanged at SPX 1957, moved up to 1960 in the first few minutes, then began to pullback. At 10am the Philly FED was reported higher: 17.8 v 15.4, and Leading indicators were higher: +0.5% v +0.4%. The pullback continued until around 1:30 when the SPX hit 1952. After that it started moving higher, closing at SPX 1959.
For the day the SPX/DOW were +0.10%, and the NDX/NAZ were -0.10%. Bonds gained 3 ticks, Crude added 50 cents, Gold soared $42, and the USD was lower. Medium term support remains at the 1956 and 1929 pivots, with resistance at the 1973 and 2019 pivots. Tomorrow: Options expiration.
The market opened flat today, made a new all time high at SPX 1960, then pulled back to 1952. The NAZ made a new bull market high today too. Now all four major indices have completed the minimum for this uptrend. The pullback was just one point shy of the minimum we were expecting for Micro wave 4. So we can not totally rule out that Micro 4 did end today, and Micro 5 is now underway. The first three waves of Minute v were: 1941-1931-1960. Should the market now make a higher high, above 1960, we could assume Minor wave 3 is also ending and a 25-30 point Minor 4 could follow. This short term situation should clear up in a day or two, especially with OPEX tomorrow.
Short term support is at the 1956 and 1929 pivots, with resistance at the 1973 and 2019 pivots. Short term momentum hovered around overbought all day. The short term OEW charts remain positive with the reversal level now SPX 1952. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: bull market