SHORT TERM: shopping Friday, DOW +69
Over the holiday the Asian markets gained 0.8%. Europe opened higher today and gained 0.4%. US index futures were higher over the holiday, and at 8:30 the Trade deficit was reported wider: -$62.0B v -$56.1B. The market opened 3 points above Wednesday’s SPX 2205 record close. At 11am the SPX hit 2211, and then went into a 2 point trading range until just before the close and ended the week at SPX 2213.
For the day the SPX/DOW gained 0.35%, and the NDX/NAZ gained 0.35%. Bonds lost 5 ticks, Crude dropped $1.45, Gold slid $6, and the USD was lower. Medium term support rises to the 2212 and 2177 pivots, with resistance at the 2270 pivot. On Wednesday the Q4 GDP estimate was reported unchanged at 3.6%, and the WLEI was reported higher: 57.1% v 56.2%.
The market opened at all time highs today, inched higher, and then went sideways for the rest of the day until the close. With the market exceeding SPX 2209 today we have to drop back to our original short term count from SPX 2084. Details in the weekend update. Hope everyone had a happy thanksgiving. Now go shopping. Enjoy the weekend!
MEDIUM TERM: uptrend
LONG TERM: uptrend