SHORT TERM: higher open rally continues, DOW +80
Overnight the Asian markets gained 2.4%. Europe opened higher and gained 1.8%. US index futures were higher overnight, and the market opened at a new all time high SPX 2137. The market had closed at SPX 2130 on Friday. In the opening minutes the SPX hit 2139, then pulled back to 2133 by 10:30. After that it moved even higher. Just before 1pm the SPX hit 2143, then pulled back to 2137 at the close.
For the day the SPX/DOW gained 0.40%, and the NDX/NAZ gained 0.60%. Bonds dropped 20 ticks, Crude slid $1.00, Gold fell $12, and the USD was higher. Medium term support rises to the 2131 and 2085 pivots, with resistance at the 2177 and 2212 pivots. Today long term Investor sentiment was reported higher: 54.1% v 52.9%. Tomorrow: a speech from FED governor Tarullo at 9:15, then Wholesale inventories at 10am.
The market opened at a new all time high today, then rallied to SPX 2143 with only a couple of small pullbacks. With the SPX making new highs we would expect the rest of the important indices to do so as well eventually: DOW/NDX/NAZ/NYSE. As a result, the potential for a Cycle wave  style bear market has been delayed for now. As noted over the weekend two important resistance levels are straight ahead: SPX 2178 (2177 pivot range) and SPX 2293. Will reappraise the market and count as each is reached. For now we appear to have a good uptrend underway with three waves up so far, and the third wave is subdividing: Int. i 2109, Int. ii 2074, Minor 1 2109, Minor 2 2089, Minor 3 2143 thus far. Unfortunately I had to shut down the comment section today for obvious reasons. Content, however, will continue on the blog. If you have any questions you can always email me at firstname.lastname@example.org. Short term support is at the 2131 and 2085 pivots, with resistance at the 2177 and 2212 pivots. Short term momentum remains quite overbought. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend