SHORT TERM: consolidation day, DOW +41
Overnight the Asian markets lost 1.2%. Europe opened lower and finished mixed. US index futures were lower overnight. At 8:15 the ADP was reported higher: 179K v 172K. The market opened one point below yesterday’s SPX 2157 close, dipped down to 2153 in the opening minutes, then drifted up into the afternoon. Heading into the close the SPX hit 2164 and closed there.
For the day the SPX/DOW were +0.25%, and the NDX/NAZ were +0.35%. Bonds gained 2 ticks, Crude rallied $1.60, Gold slid $6, and the USD was higher. Medium term support remains at the 2131 and 2085 pivots, with resistance at the 2177 and 2212 pivots. Tomorrow: weekly jobless claims at 8:30, then factory orders at 10am.
The market opened lower today, dipped down to SPX 2153, then rebounded and remained positive for the rest of the day. Looks like consolidation after yesterday’s decline. With the market now deviating from the 2-day Int. ii wave pattern, today is the second day and it does not look like it is over yet, it could stretch out into Friday’s payrolls report. Still see support in the 2131 pivot range, and expecting a positive divergence at the lower lows. Short term support is at the 2131 and 2085 pivots, with resistance at the 2177 and 2212 pivots. Short term momentum spent the entire day around neutral then hit overbought at the close. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend