SHORT TERM: new highs then consolidation, DOW +26
Overnight the Asian markets lost 0.1%. Europe opened lower and lost 0.1% too. US index futures were higher overnight, and the market opened two points above yesterday’s SPX 1959 record close. Just past 10am the SPX hit 1964, then went into a three point trading range for the rest of the day, closing at SPX 1963.
For the day the SPX/DOW were +0.15%, and the NDX/NAZ were up +0.15%. Bonds were flat, Crude gained 60 cents, Gold slipped $4, and the USD was higher. Medium term support remains at the 1956 and 1929 pivots, with resistance at the 1973 and 2019 pivots. Today the WLEI was reported lower: 54.4% v 54.5%.
The market opened higher today, made a marginal new high, then went into a trading range for the rest of the day on this very quiet triple expiration. We now see five Micro waves up from the Minute iv low at SPX 1926: 1941-1931-1960-1952-1964. This suggests we now have five Minute waves up from the Minor 2 wave low at SPX 1851. In fact, Minor wave 3 equals 1.618 Minor 1 at SPX 1966. As soon as Minor wave 3 tops, if it has not topped already, we should get about a 30 point pullback for Minor wave 4. Then a rally to new highs to complete Minor wave 5 and the uptrend.
Short term support remains at the 1956 and 1929 pivots, with resistance at the 1973 and 2019 pivots. Short term momentum hit quite overbought again today. The short term OEW charts remain positive with the reversal level now SPX 1959. Best to your weekend!
MEDIUM TERM: uptrend
LONG TERM: bull market