SHORT TERM: another gap up and go day, DOW +158
Overnight the Asian markets gained 1.3%. Europe opened higher and gained 2.2%. US index futures were higher overnight, and the market gapped up at the open to SPX 2072. The market had closed at SPX 2053 yesterday. By 10am the SPX hit a new uptrend high at 2078 then began to pullback. The pullback lasted until noon when the SPX hit 2064. After that it started to rally again. A higher high was hit at SPX 2080 just before 3pm, then the market dipped to close at 2075.
For the day the SPX/DOW gained 1.0%, and the NDX/NAZ gained 2.5%. Bonds lost 18 ticks, Crude dipped 75 cents, Gold slid $2, and the USD was higher. Medium term support rises to the 2070 and 2019 pivots, with resistance at the 2085 and 2131 pivots. Today the WLEI was reported lower: 47.3% v 47.8%.
The market gapped up for the third day in a row this week and hit new uptrend highs at SPX 2080 before pulling back into the afternoon. At today’s high the SPX was less than 60 points from all time highs, and has rallied 210 points from the August lows. The short term count remains unchanged with Minor 3 of Int. iii of Major 3 underway. Thus far it looks like Minor 3 has subdivided into five waves : 2055-2042-2078-2064-2080. Unsure if these are Minute waves or Micros. Short term support is now at the 2070 pivot and SPX 2040, with resistance at the 2085 pivot and SPX 2100. Short term momentum hit quite overbought today, and then ended the week with a negative divergence. Best to your weekend!
MEDIUM TERM: uptrend
LONG TERM: bull market