SHORT TERM: rally continues, DOW -27
Overnight the Asian markets gained 0.4%. European markets opened lower but gained 0.1%. US index futures were higher overnight, and the market opened three points above yesterday’s SPX 1984 close. In the opening minutes of trading the market dipped to SPX 1982, then began to rally to new highs. At 10:30 the SPX hit 1989, pulled back to 1985 by 12:30, then rallied back to 1989. A small dip ended the day at SPX 1987.
For the day the SPX/DOW were mixed, and the NDX/NAZ were +0.50%. Bonds gained 1 tick, Crude rose 60 cents, Gold dipped $2, and the USD was higher. Medium term support remains at the 1973 and 1956 pivots, with resistance at the 2019 and 2070 pivots. Tomorrow: weekly Jobless claims at 8:30, then New home sales at 10am.
The market opened higher today, made an all time high early, then after a small pullback hit SPX 1989. Clearing the previous resistance of SPX 1986 now allows for the uptrend to move towards the 2000 level – next resistance. Thus far we count three waves up from the Minor 4 low at SPX 1956: 1980-1966-1989.
Short term support is now at SPX 1986 and the 1973 pivot, with resistance at SPX 2000 and the 2019 pivot. Short term momentum ended the day just under overbought. The short term OEW charts remain positive with the reversal level now SPX 1985. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: bull market