SHORT TERM: trendless Thursday, DOW -37
Overnight the Asian market lost 0.7%. Europe opened lower and lost 0.5%. US index futures were lower overnight, and at 8:30 weekly Jobless claims were reported higher: 282k v 274k. The market opened four points below yesterday’s SPX 2124 close, and continued lower. At 10am Pending home sales were reported at a 9 year high: +3.4% v +1.1%. Are the first time home buyers back? The market found support at SPX 2113 around 10:30, bounced to 2119 just after 11am, then dipped back to 2113 just before noon. After that the market rallied to SPX 2122, then dipped to close at 2121.
For the day the SPX/DOW were -0.15%, and the NDX/NAZ were -0.20%. Bonds gained 4 ticks, Crude added 35 cents, Gold rose a $1, and the USD was lower. Medium term support remains at the 2085 and 2070 pivots, with resistance at the 2131 and 2198 pivots. Tomorrow: Q1 GDP (est. -0.85%) at 8:30, then the Chicago PMI and Consumer sentiment at 10am.
The market opened lower today, dipped to SPX 2113, then rallied back nearly to yesterday’s close at 2123. More choppy action in this seemingly trendless market. The sell in May mantra does not appear to have worked this year as the market entered the month at SPX 2086. Not much to add as far as the counts are concerned. The trend is still up and support and resistance continue to work in this day traders market. Short term support is at SPX 2110/2113 and SPX 2096/2099, with resistance at the 2131 and 2198 pivots. Short term momentum vacillated above and below neutral today. Best to your Q1 GDP trading!
MEDIUM TERM: still an uptrend
LONG TERM: bull market