SHORT TERM: quiet day, DOW -8
Overnight the Asian markets lost 0.3%. Europe opened lower and lost 0.5%. US index futures were relatively flat overnight, and the market opened one point below Friday’s SPX 2052 close. By 10:30 the SPX had worked its way higher to 2056, then pulled back to 2049 by noon. After another rally to SPX 2055 the market hit 2047 just before a 2048 close.
For the day the SPX/DOW were -0.10%, and the NDX/NAZ were -0.15%. Bonds gained 3 ticks, Crude slipped 25 cents, Gold dipped $4, and the USD was lower. Medium term support remains at the 2043 and 2019 pivots, with resistance at the 2070 and 2085 pivots. Tomorrow: New homes sales at 10am.
The market started the week on a fairly quiet note. After opening one point lower it remained in a nine point range for the entire day: 4 above and 5 below Fridays’ close. Thus far we see only one wave up from Thursday’s SPX 2026 low to Friday’s 2058 high, and then a pullback to 2047. Still expecting a pop to the 2070 pivot range. Short term support remains at the 2043 and 2019 pivots, with resistance at the 2070 and 2085 pivots. Short term momentum headed toward oversold with today’s activity. Trade what’s in front of you!
MEDIUM TERM: downtrend
LONG TERM: bear market