SHORT TERM: post holiday shortened session, DOW +1
Overnight the Asian markets gained 0.7%. Europe opened higher and gained 0.1%. US index futures were lower overnight, but the market opened three points above Wednesday’s SPX 2073 close. Energy stocks, which dropped about 10%, were delayed at the open. Within the opening minutes the market dropped to SPX 2069, and then began to rally. The rally topped out at SPX 2074 around 11:30, then the market pulled back. Heading into the last hour of trading the SPX hit 2065, then spiked at the close to end the week at 2068.
For the day, last one of the month, the SPX/DOW were mixed, and the NDX/NAZ were +0.25%. Bonds gained 10 ticks, Crude plunged $6.30, Gold dropped $30, and the USD was higher. Medium term support drops back to the 2019 and 1973 pivots, with resistance at the 2070 and 2085 pivots. Today the WLEI was reported lower: 47.7% v 47.8%. The M1-multiplier, which we have not looked at in a while, recently hit a one year high at 0.74 after hitting a multi-decade low at 0.68 in August.
The market had sort of an odd opening today as many energy stocks were delayed. The SPX hit a new bull market high at 2076, then went into pullback mode for the rest of the day. Except for a bounce in the middle to SPX 2074. Nearing the close the SPX hit 2065. This level appears to be enough to suggest Minute iii of Minor 5 completed this morning at SPX 2076, and Minute iv is underway. Hourly chart was updated. This suggests the pullback underway should hold at/above SPX 2056 for Minute iv. Then a push higher to complete Minute v of Minor 5, and possibly the uptrend. Happy holiday shopping!
MEDIUM TERM: uptrend
LONG TERM: bull market