SHORT TERM: quiet holiday trading, DOW -50
Overnight the Asian markets lost 0.2%. Europe opened higher but finished flat. US index futures were lower overnight, and at 8:30 weekly Jobless claims were reported lower: 267K v 271K. The market opened one point below yesterday’s SPX 2064 close, ticked up two points to yesterday’s high, and then started to pullback. At 10am the market hit 2059, then tried to rally. At 12:30 the market hit 2067, and then pulled back to close at 2061.
For the day the SPX/DOW lost 0.20%, and the NDX/NAZ ended mixed. Bonds gained 5 ticks, Crude rose 50 cents, Gold gained $7, and the USD was lower. Medium term support remains at the 2019 and 1973 pivots, with resistance at the 2070 and 2085 pivots. Today the GNP was reported lower: +1.3% v +1.9%, and the WLEI was reported unchanged at 49.4%.
The market opened slightly lower today, dipped, and then made slightly higher highs for this week’s rally. A quiet ending to a constructive week. Not much change from this week’s SPX 2006 low: 2017-2008-2030-2020-2067. The market is now closed until Monday. Happy holidays!
MEDIUM TERM: uptrend may be underway
LONG TERM: bull market