SHORT TERM: higher open/close in quiet trading, DOW +92
Overnight the Asian markets lost 0.1%. Europe opened higher and gained 0.4%. US index futures were higher overnight, and the SPX opened 4 points above yesterday’s 2263 close. In the opening minutes the SPX rallied to 2273, as the DOW came within 13 points of 20K. Then the market started to pullback. Around 2:30 the SPX hit 2266, then rose into the close to end the day at 2271.
For the day the SPX/DOW gained 0.40%, and the NDX/NAZ gained 0.45%. Bonds slipped 4 ticks, Crude rose 25 cents, Gold slid $8, and the USD was higher. Medium term support rises the 2270 and 2212 pivots, with resistance at the 2286 and 2321 pivots. Tomorrow: existing home sales at 10am.
The market opened higher today, made the high in the morning, and then traded under that high for the rest of the day. Today’s action looked similar to yesterday’s. Except yesterday’s high was SPX 2267, and today’s was SPX 2273. All-time high is SPX 2278. Short term smaller waves continue to look choppy with a positive bias. Short term support rises to the 2270 pivot and SPX 2248, with resistance at the 2286 and 2321 pivots. Short term momentum was a bit more overbought at the high than yesterday, and then pulled back. Best to your holiday trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend