SHORT TERM: choppy black Friday trading, DOW -15
Overnight the Asian markets lost 1.0%. Europe opened lower and lost 0.3%. US index futures were much higher over holiday trading, but gave most of it back heading into the open. The market opened at SPX 2091 and immediately began to pullback. Around 10am the SPX hit 2084 and then began to rally. At 11:30 the SPX hit 2093, then pulled back to end the week at 2090.
For the day the SPX/DOW were mixed, and the NDX/NAZ gained 0.20%. Bonds gained 3 ticks, Crude dropped $1.10, Gold slid $12, and the USD was higher. Medium term support remains at the 2085 and 2070 pivots, with resistance at the 2131 and 2145 pivots. Today the WLEI was reported higher: 48.0% v 47.4%, and the GDPn was reported lower: +1.8% v +2.3%.
The market opened slightly higher today, dropped to SPX 2084, then rallied to 2093, before settling for the day about unchanged. While we have now had a 10 point pullback from Tuesday’s SPX 2094, it did not trigger anything meaningful and the market remains in a two day sideways pattern. As a result the count remains unchanged as posted on the hourly chart. Short term support is at the 2085 and 2070 pivots, with resistance at SPX 2116 and the 2131 pivot. Short term momentum ended the week above neutral, where it began the day. Best to your weekend and happy shopping!
MEDIUM TERM: uptrend
LONG TERM: bull market