SHORT TERM: uptrend confirmed, DOW +155
Overnight the Asian markets gained 0.9%. Europe opened higher and gained 0.5%. US index futures were higher overnight and the market opened three points above Friday’s SPX 2071 close. At 10am Existing home sales were reported lower: 4.93mn v 5.26mn. The market pulled back to SPX 2069 by 11am, and then started to drift higher. Heading into the last hour of trading the SPX hit its all time high at 2079, and closed there.
For the day the SPX/DOW were +0.60%, and the NDX/NAZ were +0.30%. Bonds gained 2 ticks, Crude dropped $1.80, Gold fell $22 and the USD was higher. Medium term support remains at the 2070 and 2019 pivots, with resistance at the 2085 and 2131 pivots. Tomorrow: Q3 GDP (est. +4.25%) and Durable goods orders at 8:30, the FHFA housing index at 9am, then Consumer sentiment, Personal income/spending, PCE prices and New home sales 10am.
Another quiet opening on this holiday week. The market opened higher, dipped just below SPX 2070, and then rallied back to the all time high, 2079, at the close. Compared to last week today looked more like a drift higher, than a big rally. The market did pullback some today, but found support at SPX 2069. After that it moved slightly above SPX 2078, suggesting the current third wave, from SPX 1992, continues higher. Lots of economic data tomorrow, which could lead to some volatility despite the low volume. Best to your trading, and Happy Holidays!
MEDIUM TERM: uptrend confirmed
LONG TERM: bull market