SHORT TERM: quiet open then Minute iii kicks-in, DOW +298
Overnight the Asian markets gained 0.3%. Europe opened higher and had a strong showing for the third day in a row +1.6%. US index futures were relatively flat overnight and the market opened 3 points below yesterday’s SPX 2212 close. After bouncing around in a narrow 2 point range the opening half-hour the market started to rally. The rally continued throughout the day as the SPX hit 2242 around 3:30. Then dipped to close at SPX 2241.
For the day the SPX/DOW gained 1.45%, and the NDX/NAZ gained 1.25%. Bonds gained 12 ticks, Crude slid $1.05, Gold added $4, and the USD was lower. Medium term support rises to the 2212 and 2177 pivots, with resistance at the 2270 pivot. Tomorrow: the ECB meets before the open, then weekly jobless claims at 8:30.
The market opened relatively flat today then the continued strength in Europe spilled over into the US markets. Before 11am the SPX made an all time new high, confirming Minute iii was underway, and then surged higher. With barely more than 3 point pullbacks along the way the SPX hit 2242 around 3:30. The DOW/TRAN also made new all time highs, but the international NYSE has still not. Short term support rises to the 2212 and 2177 pivots, with resistance at the 2270 pivot. Short term momentum was extremely overbought at today’s high. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend