SHORT TERM: lower open then choppy day, DOW -23
Yesterday FED vice chair Fischer gave a speech: http://www.federalreserve.gov/newsevents/speech/fischer20160821a.htm. Overnight the Asian markets gained 0.1%. Europe opened higher but lost 0.4%. US index futures were choppy overnight and the market opened at SPX 2178, 6 points below Friday’s close. In the opening minutes the SPX hit 2176, then the choppy activity began. At 10:30 the SPX hit 2185, 2177 by 11:30, 2185 again by 12:30, 2178 by 1:30, then ended the day at 2183.
For the day the SPX/DOW lost 0.10%, and the NDX/NAZ gained 0.10%. Bonds gained 9 ticks, Crude dropped $1.70, Gold slipped $2, and the USD was higher. Medium term support remains at the 2177 and 2131 pivots, with resistance at the 2212 and 2252 pivots. Tomorrow: the new home sales at 10am.
The market opened lower today, hit SPX 2176, bounced to 2185, then remained in that range for the rest of the day. With the narrow trading range nothing has changed with the short term count. It still looks like a medium term high at SPX 2194, or an ongoing ending diagonal underway for the medium term high. Short term support is at the 2177 and 2131 pivots, with resistance at the 2212 and 2252 pivots. Short term momentum ended the day where it started, at neutral. Best to your trading!
MEDIUM TERM: uptrend may have topped
LONG TERM: uptrend