monday update

SHORT TERM: consolidation day, DOW +8

Overnight the Asian markets gained 1.3%. Europe opened lower but gained 0.2%. US index futures were higher overnight, and the market opened at SPX 2068. The SPX had closed at 2064 on Friday. In the opening minutes the market rallied to SPX 2070, dipped to 2066 just before 10am, then went into that four point trading range for the rest of the day, closing at 2069.

For the day the SPX/DOW were +0.15%, and the NDX/NAZ were +0.85%. Bonds gained 5 ticks, Crude lost 75 cents, Gold slipped $3, and the USD was lower. Medium term support remains at the 2019 and 1973 pivots, with resistance at the 2070 and 2085 pivots. Tomorrow: Q3 GDP (est. +3.1%) at 8:30, Case-Shiller and the FHFA housing index at 9am, then Consumer confidence at 10am.

The market opened higher today, rose within one point of the all time high, then went into a four point trading range for the rest of the day. Over the weekend we reviewed lots of charts, and updated some. You might want to take a look. We also had several discussions in the forum, and as a result added one alternate count to the monthly SPX chart. Today was obviously a quiet day ahead of Q3 GDP tomorrow. Short term support remains at the important SPX 2040 level and the 2019 pivot, with resistance at the 2070 and 2085 pivots. Short term momentum rose to slightly overbought today and remained there into the close. Best to your trading the GDP update!

MEDIUM TERM: uptrend

LONG TERM: bull market

CHARTS: http://stockcharts.com/public/1269446/tenpp