SHORT TERM: less choppy more advance, DOW +99
Overnight the Asian markets gained 0.3%. Europe opened higher and gained 1.1%. US index futures were higher overnight as well. At 8:30 Export prices were reported higher: +0.1% v +0.2%, and Import prices were reported lower: -0.3% v -0.3%. The market opened four points above yesterday’s SPX 2091 close, dipped to 2092, and then moved higher. The advance continued into the afternoon and the SPX hit 2103 at 3pm. Then it dipped heading into the close to end the week at SPX 2102.
For the day the SPX/DOW were +0.55%, and the NDX/NAZ were +0.40%. Bonds were flat, Crude gained 95 cents, Gold rallied $13, and the USD was higher. Medium support remains at the 2085 and 2070 pivots, with resistance at the 2131 and 2198 pivots. Today the WLEI was reported higher: 48.0% v 47.5%.
The market opened higher today for the fourth day in a row. This we have not seen since early January. Also the market finished higher today for the third day in a row. This we have not seen since February. While the rally from last week’s SPX 2048 has been quite choppy, 15 small waves, we took a look at the larger waves to see if there was anything impulsive about this choppiness. We did find a potential count, but will use it as an alternate until/if the market makes new highs. This will be discussed in the weekend update. Best to your weekend!
MEDIUM TERM: still an uptrend
LONG TERM: bull market