SHORT TERM: another consolidation day, DOW +13
Overnight the Asian markets gained 0.4%. Europe opened higher and gained 0.1%. US index futures were higher overnight. At 8:30 weekly Jobless claims were reported higher: 313k v 291k, Durable goods orders were higher: +0.4% v -1.3%, Personal income was higher: +0.2% v +0.2%, Personal spending was higher: +0.2% v -0.2%, and PCE prices were higher too: +0.2% v +0.1%. The market opened two points above yesterday’s SPX 2067 close. After a dip to SPX 2067 the market tried to move higher. At 9:45 the Chicago PMI was reported lower: 60.8 v 66.2. Then at 10am Consumer sentiment was reported lower: 88.8 v 89.4, New home sales were reported lower: 458k v 467k, and Pending home sales were lower too: -1.1% v +0.3%. The market continued to drift higher right into the close, ending the day at SPX 2073.
For the day the SPX/DOW gained 0.20%, and the NDX/NAZ gained 0.65%. Bonds gained 5 ticks, Crude dipped 55 cents, Gold slipped $2, and the USD was lower. Medium term support rises to the 2070 and 2019 pivots, with resistance at the 2085 and 2131 pivots. Tomorrow is a national holiday, and trading will resume Friday for half a day.
The market traded quietly today just as expected during a pre-holiday session. Friday’s half day may just be more of the same. The market has done very little this week, trading between SPX 2065 and 2074. A nine point range over three trading days. Nothing has changed in regard to the medium term count posted yesterday. Short term support now rises to the 2070 pivot and SPX 2040, with resistance at the 2085 and 2131 pivots. Short term momentum ended the day overbought. Happy Thanksgiving and best to your friday trading!
MEDIUM TERM: uptrend
LONG TERM: bull market