SHORT TERM: holiday trading, DOW +47
On Sunday FED vice chair Fischer gave a speech and was told “just do it”: http://www.federalreserve.gov/newsevents/speech/fischer20151011a.htm. Overnight the Asian markets gained 0.3%. Europe opened higher but lost 0.3%. US index futures were relatively flat overnight, and the market opened one point above Friday’s SPX 2015 close. By 10:30 the market had pulled back SPX 2011, rallied to 2019 by 11am, and then started to pullback again. At 1pm the market hit SPX 2013, rallied to 2018 by 3:30, then closed at 2017.
For the day the SPX/DOW gained 0.20%, and the NDX/NAZ gained 0.25%. Bonds gained 10 ticks, Crude dropped $2.20, Gold gained $5, and the USD was lower. Medium term support remains at the 1973 and 1956 pivots, with resistance at the 2019 and 2070 pivot. Tonight a speech from FED governor Brainard after the close. Then tomorrow: Treasury budget at 2pm.
The market opened relatively flat today, then went into an 8 point trading range, 4 above/below Friday’s close, for the day. Looks like a lot more people took the day off than expected. Nothing has changed in regard to the count: Int. iii underway from the recent SPX 1976 low and it’s still only one wave. Short term support remains at SPX 2000 and the 1973 pivot, with resistance at the 2019 pivot and SPX 2040. Short term momentum stayed above neutral for the whole day. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: bull market