SHORT TERM: holiday season trading, DOW -33
Overnight the Asian markets lost 0.1%. Europe opened higher but lost 0.1% also. US index futures were lower overnight, and the SPX opened two points below yesterday’s 2271 close. In the opening minutes the SPX hit 2271, and then started to pullback. At 10am existing home sales were reported higher: 5.61M v 5.60M. By 11am the SPX dipped to 2267. Then for the rest of the day it stayed in that 4 point range until the final hour, when it dipped to SPX 2265 and closed there.
For the day the SPX/DOW lost 0.20%, and the NDX/NAZ lost 0.15%. Bonds gained 7 ticks, Crude dropped 80 cents, Gold added $1, and the USD was lower. Medium term support drops back to the 2212 and 2177 pivots, with resistance at the 2270 and 2286 pivots. Tomorrow: a deluge of seven economic reports, highlighted by the Q3 GDP (est. +3.2%).
The market opened slightly lower today, bounced to unchanged, and then traded slightly lower for the rest of the day. No buyers, no sellers, very little activity. This non-eventful day changes nothing in the short term choppy pattern. Still in a Minor 3 uptrend, and probably Minute iii of the uptrend underway. Lots of economic reports tomorrow, especially the Q3 GDP final, might provide a catalyst. Short term support drops to SPX 2254 and SPX 2048, with resistance at the 2270 and 2286 pivots. Short term momentum spent the whole day around neutral, then neared oversold. Best to your holiday trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend