SHORT TERM: gap down opening, DOW -46
Overnight the Asian markets gained 0.2%. Europe opened lower and lost 0.6%. US index futures were lower overnight, and at 8:30 monthly Payrolls were reported lower: +215k v +223k. The market gapped down at the open to SPX 2079, dipped to 2076, and then tried to close the gap. The market had closed at SPX 2084 yesterday. At 10am the market hit SPX 2082 and then headed lower. By 10:30 the SPX was trading at 2073. After another rally attempt, this time to SPX 2080, the market hit 2068 at 1:30. After that the market tried to rally again. At 3pm Consumer credit was reported higher: $20.7bn v $16.1bn. The rally carried the SPX to 2078 where it closed the week.
For the day the SPX/DOW were -0.30%, and the NDX/NAZ were -0.25%. Bonds gained 14 ticks, Crude lost 80 cents, Gold added $3, and the USD was lower. Medium term support remains at the 2070 and 2019 pivots, with resistance at the 2085 and 2131 pivots. Today the WLEI was reported unchanged at 50.2%.
The market gapped down at the open for the first time since last Thursday. It then tried to close the downside created at SPX 2084. After two attempts the market dropped to SPX 2068, the low for the week, and then rallied. Thus far, the short term count continues to unfold as expected. After the SPX 2133 high: Minute a to 2064, Minute b to 2114, and Minute c underway. The downside target remains SPX 2045, where C = A. Best to your weekend!
MEDIUM TERM: choppy uptrend weakens further
LONG TERM: bull market