SHORT TERM: market surges, DOW +191
Overnight the Asian market gained 1.0%. Europe opened higher and gained 1.2%. US index futures were higher overnight. At 8:30 monthly Payrolls were reported higher than expected: 255K v 287K, and the Trade deficit increased: -$44.5B v -$41.1B. The market gapped up at the open to SPX 2172 and continued to rally. Before 10am the SPX made a new all time high, and then the surge quieted down for the rest of the day. At 3pm Consumer credit was reported lower: $12.3B v $18.6B. In the last hour of trading the SPX hit 2183 and closed there.
For the day the SPX/DOW gained 0.90%, and the NDX/NAZ gained 1.00%. Bonds lost 27 ticks, Crude slipped 5 cents, Gold dropped $23, and the USD was higher. Medium term support rises to the 2177 and 2131 pivots, with resistance at the 2212 and 2252 pivots.
The market gapped up at the open today for the first time in three weeks. On the surge the market cleared the all time high at SPX 2178 and continued higher. The SPX charts were updated to display that Int. wave iv ended at 2148, and Int. wave v is clearly underway. Some interesting observations for this uptrend will be detailed in the weekend update. Best to your weekend!