SHORT TERM: lower open then trading range, DOW -33
Overnight the Asian markets lost 0.3%. Europe opened lower and lost 0.6%. US index futures were lower as well. At 8:30 weekly jobless claims were reported lower: 261K v 262K, and durable goods were reported higher: 4.4% v -4.0%. The market opened 5 points below yesterday’s SPX 2175 close, then immediately began to rally. By 11:30 the market had rallied to SPX 2179, but then started drifting lower again. Around 3:30 the SPX retested the 2170 low, then bounced to end the day at 2172.
For the day the SPX/DOW lost 0.15%, and the NDX/NAZ lost 0.15%. Bonds lost 7 ticks, Crude rose 55 cents, Gold slipped $1, and the USD was lower. Medium term support remains at the 2131 and 2085 pivots, with resistance at the 2177 and 2212 pivots. Tomorrow: Q2 GDP (est. +1.1%) at 8:30, consumer sentiment and FED chair Yellen much awaited Jackson Hole speech at 10am.
The market opened lower again today, hit SPX 2170, rallied to 2179, then hit 2170 again before bouncing into the close. Looking back the SPX has now spent the last 15 trading days in a 25 point range (2169-2194). Must be some sort of record. Looks like the market is awaiting a catalyst. Again not much has changed on the short term count, except that 2169/70 seems to be some sort of support and 2193/94 the resistance. Short term momentum ended the day with a positive divergence. Best to your trading!
MEDIUM TERM: uptrend may have topped
LONG TERM: uptrend