SHORT TERM: market drifts higher, DOW +40
Overnight the Asian markets gained 0.1%. Europe opened higher and gained 0.7%. US index futures were higher overnight and the market opened one point above Friday’s SPX 2032 close. After a tick up to SPX 2034, the market dipped to 2030 by 10am. The SPX then hit 2039 by 11:30 when it started to pullback. The pullback lasted until 2pm when the SPX hit 2035. Then it bounced into a SPX 2038 close.
For the day the SPX/DOW were +0.30%, and the NDX/NAZ were +0.40%. Bonds lost 12 ticks, Crude dropped $1.35, Gold slid $25, and the USD was higher. Medium term support remains at the 2019 and 1973 pivots, with resistance at the 2070 and 2085 pivots.
The market opened slightly higher today, dipped, and then made another all time high. After a volatile, and gap filled beginning to this uptrend, we have now had four of the past six trading days with only a 9-10 point range. And oddly enough this uptrend has only been short term oversold just once during its entire rise. Quite unusual. Counts remain unchanged. Short term support is at the 2019 pivot and SPX 2000, with resistance at SPX 2049 and the 2070 pivot. Short term momentum ended the day overbought. Best to your Veterans day trading!
MEDIUM TERM: uptrend
LONG TERM: bull market