SHORT TERM: choppy session, DOW -3
Overnight the Asian markets gained 0.5%. Europe opened higher and gained 0.9%. US index futures were slightly higher overnight. At 8:30 weekly jobless claims were reported higher: 269K v 266K. The market opened one point above yesterday’s SPX 2164 close, ticked up to 2167, then pulled back to 2159 by 10am. At 10am factory orders were reported lower: -1.5% v -1.0%. The market then rallied to SPX 2168 by noon. After that the market moved lower to end the day at SPX 2164.
For the day the SPX/DOW were mixed, and the NDX/NAZ gained 0.15%. Bonds 11 ticks, Crude rose 95 cents, Gold added $2, and the USD was higher. Medium term support remains at the 2131 and 2085 pivots, with resistance at the 2177 and 2212 pivots. Today Q2 GDP est. was finalized at 1.8%, and Q3 est. was raised 3.7% v 3.6%. Tomorrow: monthly Payrolls (est. 183K) and the Trade deficit at 8:30, then Consumer credit at 3pm.
The market opened slightly higher today, pulled back to SPX 2159, rallied to 2168, and then stayed in that range for the rest of the day. Thus far Tuesday’s SPX 2148 low has held, as the market has worked its way 20 points higher. If Friday’s NFP report fails to resume the pullback, and the NDX is already within 0.5% of making a new high, then it looks like SPX 2148 might have been it for Intermediate wave iv. Short term support is at the 2131 and 2085 pivots, with resistance at the 2177 and 2212 pivots. Short term momentum hit overbought today, then dropped back to neutral. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend