SHORT TERM: market continues to rise, DOW +121
Overnight the Asian markets gained 0.2%. Europe opened higher and gained 0.3%. US index futures were higher overnight. The market opened five points above yesterday’s SPX 2041 close, and continued to rise until 11:30 when it hit 2052. At 10am Consumer sentiment was reported lower: 90 v 91.7. The market then pulled back to SPX 2043 by 1:30. Another rally carried the SPX to 2051 just past 3pm. Then a dip into the close ended the week at SPX 2050.
For the day the SPX/DOW gained 0.55%, and the NDX/NAZ gained 0.35%. Bonds gained 9 ticks, Crude slipped 40 cents, Gold dipped $3, and the USD was higher. Medium term support rises to the 2043 and 2019 pivots, with resistance at the 2070 and 2085 pivots. Today the WLEI was reported higher: 47.7% v 46.4%, and the GDPn was reported at +1.9% v +2.2%.
The market opened at the uptrend high this morning, rallied to SPX 2052, then pulled back to 2043, before rallying again. This uptrend has now risen for five weeks in a row since the downtrend low in mid-February. T short term count remains the same as Int. C has now exceeded the length of Int. A with this week’s advance. More in the weekend update. Best to you and yours this weekend!
MEDIUM TERM: uptrend
LONG TERM: bear market