SHORT TERM: market tries to rebound, DOW +39
Overnight the Asian markets lost 0.2%. Europe opened higher, got a Monday start date on EQE, and rose 0.8%. US index futures were higher overnight, and at 8:30 weekly Jobless claims were reported higher: 320k v 313k. The market opened three points above yesterday’s SPX 2099 close. After a dip to SPX 2098 in the opening minutes the market rose to 2104 by 10:30. At 10am Factory orders were reported lower: -0.2% v -3.4%. Then after a pullback to SPX 2098 by 11am, a bounce to 2103 by noon, and a pullback to 2095 by 1pm, the market tried to rally. The market made it back to SPX 2103 by 3pm, then dipped to closes at 2101.
For the day the SPX/DOW were +0.15%, and the NDX/NAZ were +0.25%. Bonds gained 6 ticks, Crude slid 65 cents, Gold slipped $1, and the USD was higher. Medium term support remains at the 2085 and 2070 pivots, with resistance at the 2131 and 2198 pivots. Tomorrow: the Payrolls report (est. +240k) and Trade deficit at 8:30, then Consumer credit at 3pm.
The market opened higher today, hit SPX 2104 in the am, 2095 in the afternoon, then spent the rest of the day within that range. Thus far, we could count a 1-2 of sorts from yesterday’s SPX 2088 low: 2104-2095. However, until the market clears today’s high, today’s action can still be considered part of Minor 4. Monthly payrolls tomorrow could be the deciding factor. Short term support is at SPX 2095 and the 2085 pivot, with resistance at SPX 2104 and SPX 2120. Short term momentum vacillated around neutral, ending above neutral. Best to your payrolls trading tomorrow!
MEDIUM TERM: uptrend
LONG TERM: bull market