SHORT TERM: quiet day, DOW +6
Overnight the Asian markets finished mixed. Europe opened higher, but finished mixed as well. US index futures were higher overnight, and at 8:30 weekly Jobless claims were reported lower: 280k v 289k. The market opened two points above yesterday’s SPX 2082 close. It then drifted higher to SPX 2088 by 11:30. After that it pulled back to end the end just about unchanged at SPX 2082.
For the day the SPX/DOW were mixed, and the NDX/NAZ were +0.15%. Bonds lost 2 ticks, Crude dropped $1.45, Gold slipped $1, and the USD was lower. Medium term support remains at the 2070 and 2019 pivots, with resistance at the 2085 and 2131 pivots. Tomorrow is a national holiday. Friday the market is open for regular hours.
The market opened higher today, drifted to a new all time high at SPX 2088, then pulled back into the close. Thus far, the rally from Monday’s SPX 2069 low continues with no significant reversals. Also the rally from last week’s SPX 1992 low continues, as that rally appears to be in its 7th wave: 2047-2033-2071-2062-2078-2069-2088. Not much of a change over the past two days. Short term support remains at the 2070 and 2019 pivots, with resistance at the 2085 and 2131 pivots. Short term momentum pulled back some yesterday, then dropped below neutral in the last hour of trading. Best to your holiday!
MEDIUM TERM: uptrend
LONG TERM: bull market