SHORT TERM: lower open choppy day, DOW -45
Overnight the Asian markets were mixed. Europe opened lower and lost 0.5%. US index futures were lower overnight, and the market opened 7 points below yesterday’s SPX 2187 close. In the first few minutes the market dropped to SPX 2175, then began to rally. Around 3:30 the SPX hit 2185, then dipped to close at 2184.
For the day the SPX/DOW lost 0.25%, and the NDX/NAZ lost 0.05%. Bonds lost 14 ticks, Crude added 10 cents, Gold dropped $10, and the USD was higher. Medium term support remains at the 2177 and 2131 pivots, with resistance at the 2212 and 2252 pivots.
The market opened lower today, hit SPX 2175, then rebounded for the rest of the day. After the new high on Monday at SPX 2194 the market has been choppy all week. With negative divergences on the daily RSI/MACD, and the weekly RSI quite overbought, it still looks like that was the uptrend high from SPX 1992 low in June. More on this in the weekend update. Best to your weekend!
MEDIUM TERM: uptrend may have topped
LONG TERM: uptrend