SHORT TERM: higher open, rally, then choppy, DOW +67
Overnight the Asian markets gained 0.3%. Europe opened lower and lost 0.3%. US index futures were higher overnight, and the market opened two points above yesterday’s SPX 2112 close. By 10am the market had rallied to a new uptrend high at SPX 2120. Then after a pullback to SPX 2113 the market moved higher again. At 2:30 the SPX hit 2121, then dipped to end the day at 2119.
For the day the SPX/DOW gained 0.35%, and the NDX/NAZ gained 0.20%. Bonds gained 1 tick, Crude rose $1.00, Gold rallied $18, and the USD was lower. Medium term support remains at the 2085 and 2070 pivots, with resistance at the 2131 pivot. Tomorrow: weekly jobless claims at 8:30, then wholesale inventories at 10am.
The market opened higher again today, third day this week, rallied to SPX 2120, dipped to 2113, then hit 2121 before pulling back into the close. Still observe three significant waves from the SPX 2026 downtrend low: 2103-2085-2121. Also, there were no notable subdivisions during the first rally (2026-2103), and no notable subdivisions during this one either (2085-2121). A steady trending, almost like cruise control, market. Short term support is at the 2085 and 2070 pivots, with resistance at the 2131 pivot. Short term momentum is again setting up a negative divergence. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: neutral