SHORT TERM: market remains quiet, DOW -15
Overnight the Asian markets gained 0.6%. Europe opened lower but gained 0.3%. US index futures were lower overnight, and the market opened at SPX 2086. The market had closed at SPX 2089 on Friday. Right after the open the market started to rally. By noon the SPX hit a marginal new high at 2094, then started to pullback. At 2pm the SPX hit 2090, bounced to 2093 by 3:30, then dipped to 2091 to end the day.
For the day the SPX/DOW were mixed, and the NDX/NAZ were mixed. Bonds gained 11 ticks, Crude dropped $1.10, Gold slid $11, and the USD was higher. Medium term support remains at the 2085 and 2070 pivots, with resistance at the 2131 and 2214 pivots. No economic reports tomorrow.
The market opened lower today, looked like it was going to have a decent pullback, then turned right around and rallied. Short term nothing has changed from Friday, except the market made a higher high by one point. Short term support remains at the 2085 and 2070 pivots, with resistance at SPX 2100 and the 2131 pivot. Short term momentum is still displaying a negative divergence, and ended the day at neutral. Best to your holiday trading!
MEDIUM TERM: uptrend
LONG TERM: bull market