SHORT TERM: rally continues, DOW +14
Overnight the Asian markets were mixed. Europe opened lower but gained 0.4%. US index futures were higher overnight, and the market opened two points above Friday’s SPX 2127 close. In the first half hour of trading the market dipped to SPX 2124, then began to rise higher. Heading into the last hour of trading the SPX hit 2133, then dipped to 2127 just before a 2128 close.
For the day the SPX/DOW were +0.05%, and the NDX/NAZ were +0.30%. Bonds lost 8 ticks, Crude dropped 95 cents, Gold fell $30, and the USD was higher. Medium term support remains at the 2085 and 2070 pivots, with resistance at the 2131 and 2198 pivots. Tomorrow: nothing on the economic calendar.
The market opened slightly higher today, dipped, then made a new high for the uptrend at SPX 2133. Today’s action was the eight day in a row, since the SPX 2045 downtrend low, of higher daily highs/lows. With today’s action we can now count seven waves up from the SPX 2051 secondary low, suggesting this wave (Minute iii) is subdividing: 2076-2067-2114-2102-2129-2120-2133. Short term support remains at SPX 2120 and SPX 2102, with resistance at the 2131 and 2198 pivots. Short term momentum remained quite overbought for most of the day, then dropped to near neutral at the close. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: bull market