SHORT TERM: typical bi-polar FOMC day, DOW -2
Overnight the Asian market gained 0.7%. Europe opened higher and gained 0.8%. US index futures were higher overnight, and at 8:30 Durable goods were reported lower: -4.0% v -2.2%. The market opened right at the high of the day SPX 2175, then began to pullback. At 10am Pending home sales were reported higher: 0.2% v -3.7%. The pullback continued throughout the day until right after the FED released its statement at 2pm: http://www.federalreserve.gov/newsevents/press/monetary/20160727a.htm. After putting in a quick SPX 2159 low print the market started to rally. Just past 3pm the SPX hit 2172, thn pulled back to close at 2167.
For the day the SPX/DOW lost 0.05%, and the NDX/NAZ gained 0.60%. Bonds gained 14 ticks, Crude slid 90 cents, Gold gained $21, and the USD was lower. Medium term support remains at the 2131 and 2085 pivots, with resistance at the 2177 and 2212 pivots. Today the Q2 GDP est. was lower to 2.3% v 2.4%. Tomorrow: weekly jobless claims at 8:30.
US index futures were higher overnight aided by the rally in AAPL. This apparently carried over into overseas markets. along with talk of another BOJ QE program. The SPX opened higher and then immediately sold off. Meanwhile all the foreign markets closed higher. After drifting down until the FOMC statement the SPX hit last Tuesday’s low at 2159, and then started to rally. Today marks the tenth day the SPX has remained in a 20 point, (1%), trading range. The 2177 pivot has been tough one to crack. Short term support is at the 2131 and 2085 pivots, with resistance at the 2177 and 2212 pivots. Short term momentum vacillated above and below neutral the entire day. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend