SHORT TERM: quiet day, DOW -24
Overnight the Asian markets lost 0.2%. Europe opened lower and lost 0.9%. US index futures were lower, then drifter higher overnight, and the market opened one point above Friday’s SPX 2018 close. At 10am ISM manufacturing was reported higher: 59.0 v 56.6, Auto sales were reported mixed, and Construction spending was reported lower: -0.4% v -0.8%. The market hit SPX 2021 at that time, pulled back to 2014 by 10:30, then started rising again. At 1pm the SPX hit 2024. It then pulled back to SPX 2014 by 3:30, then bounced to end the day at 2018.
For the day the SPX/DOW were -0.10%, and the NDX/NAZ were +0.20%. Bonds lost 3 ticks, Crude dropped $2.35, Gold slipped $5, and the USD was higher. Medium term support remains at the 1973 and 1956 pivots, with resistance at the 2019 and 2070 pivots. Tomorrow: the Trade deficit at 8:30, then Factory orders at 10am.
The market opened slightly higher today, dipped, then made a new high at SPX 2024. After that it pulled back in the afternoon. For the thirteenth consecutive day the market made a higher/equal high and higher low. Until we see some kind of daily reversal this uptrend continues higher. No change in the count(s) despite the new high, which remained within the OEW 2019 pivot. Short term support is at SPX 2000 and the 1973 pivot, with resistance at the 2019 and 2070 pivots. Short term momentum again displayed a negative divergence at the high. Let’s see if this one get finally get oversold, which has yet to occur this uptrend. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: bull market