SHORT TERM: quiet open slightly higher high, DOW +21
Overnight the Asian markets gained 0.5%. Europe opened higher but lost 0.3%. US index futures were lower overnight, and the market opened four points below Friday’s SPX 2050 close. By 10am the SPX pushed back up to 2051 when Existing home sales were reported lower: 5.08M v 5.47M. The market then pulled back to SPX 2043 by 10:30. After matching Friday’s low it started to work its way higher. At 2:30 the market hit SPX 2054, then dipped to close at 2052.
For the day the SPX/DOW were +0.10%, and the NDX/NAZ were +0.30%. Bonds lost 12 ticks, Crude rose 50 cents, Gold dropped $8, and the USD was higher. Medium term support remains at the 2043 and 2019 pivots, with resistance at the 2070 and 2085 pivots. Tomorrow: the FHFA housing index at 9am.
The market opened the week lower, turned positive, hit Friday’s SPX 2043 low, then made a slightly higher uptrend high at 2054. Another day with a relatively small trading range: 2043-2054, and Friday was 2043-2052. No change in regard to the short term count. Still looking for a reversal down to SPX 2022, and then 1963, to signal this uptrend to be over. Short term support remains at the 2043 and 2019 pivots, with resistance at the 2070 and 2085 pivots. Short term momentum continues to display a negative divergence. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: bear market