SHORT TERM: quiet pre-holiday trading, DOW +1
Overnight the Asian market lost 0.4%. Europe opened higher and gained 1.6%. US index futures were higher overnight. At 8:30 weekly Jobless claims were reported lower: 260K v 271K, Personal income (+0.4% v -0.1%)/spending (+0.1% v +0.1%) were reported higher, PCE prices were reported flat: 0.0% v +0.2%, and Durable goods were reported higher: +3.1% v -1.2%. Then at 9am the FHFA was reported higher: +0.8% v +0.3%. The market opened two points above Tuesday’s SPX 2089 close, dipped to 2086 in the opening minutes, then rallied to 2093 by 10:30. At 10am Consumer sentiment was reported lower: 91.3 v 93.1, and New home sales were reported higher: 495K v 468K. The market then went into an opening range, (SPX 2086-2093), trading for the rest of the day. Ending the day at SPX 2089.
For the day the SPX/DOW were mixed, and the NDX/NAZ gained 0.15%. Bonds gained 2 ticks, Crude rose 25 cents, Gold dropped $5, and the USD was higher. Medium term support remains at the 2085 and 2070 pivots, with resistance at the 2131 and 2145 pivots. Tomorrow is the Thanks giving holiday, and Friday trading will be open until 1pm.
The market opened a bit higher today, dipped to SPX 2086, rallied to 2093, and that was it for the day. Obviously no change on the count after four waves up from the SPX 2019 Major 4 low: 2067-2046-2097-2070 with the fifth wave underway. Short term support remains at the 2085 and 2070 pivots, with resistance at SPX 2116 and the 2131 pivot. Short term momentum ended the day just below neutral. Happy Thanksgiving!
MEDIUM TERM: uptrend
LONG TERM: bull market