SHORT TERM: market drifts higher, DOW +36
Overnight the Asian markets gained 0.5%. Europe opened higher and gained 0.9% again, just like yesterday. US index futures were higher overnight, and at 8:30 the trade deficit was reported higher: -$42.6B v -$36.4B. The market opened two points above yesterday’s SPX 2205 close then dipped down to 2202 by 10:30. At 10am factory orders were reported higher: 2.7% v 0.3%. Then the market started to drift higher. Heading into the close the SPX hit 2213. Then closed at SPX 2212.
For the day the SPX/DOW gained 0.25%, and the NDX/NAZ gained 0.35%. Bonds added 1 tick, Crude slid $1.05, Gold slipped $1, and the USD was higher. Medium term support remains at the 2177 and 2131 pivots, with resistance at the 2212 and 2270 pivots. Tomorrow: consumer credit at 3pm.
The market opened slightly higher today, pulled back to within one point of yesterday’s low, then rose to within one point of the all time high at SPX 2214. A marginally higher day than yesterday. With Europe rallying 0.9% two days in a row, after Italy’s Renzi-exit vote, continued strength across the pond should assist US equities while pundits await next week’s FOMC meeting. Still waiting for new highs to firm up Minute wave ii. Short term support remains at the 2177 and 2131 pivots, with resistance at SPX 2214 and the 2270 pivot. Short term momentum was quite overnight at today’s high. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend