SHORT TERM: growth stock Friday, DOW +21
Overnight the Asian markets lost 0.4%. Europe opened higher and gained 0.4%. US index futures were higher overnight, and at 8:30 Durable goods orders were reported higher: +4.0% v -1.4%. The market gapped up at the open for the fourth time this week, hit SPX 2119, then pulled back to yesterday’s close by 10am at 2113. Then it started to rally. Around 12:30 the SPX hit an all time high at 2121, pulled back to 2116 by 3pm, then closed at 2118.
For the day the SPX/DOW were +0.20% and the NDX/NAZ were +1.00%. Bonds gained 10 ticks, Crude slid 50 cents, Gold dropped $16, and the USD was lower. Medium term support remains at the 2085 and 2070 pivots, with resistance at the 2131 and 2198 pivots. Today the WLEI was reported higher: 49.3% v 48.6%.
The market gapped up at the open, hit SPX 2119, pulled back, then made a new high at 2121. While the rise from SPX 2048, at the beginning of the month, to today’s high has been choppy, the market has nonetheless made new highs. Guess it is time to look at both sides of this chop-fest April. Will review the charts and see what surfaces in the weekend report. Best to your weekend!
MEDIUM TERM: still an uptrend
LONG TERM: bull market