SHORT TERM: total daily SPX range 5 points, DOW +15
Overnight the Asian markets open lost 0.1%. Europe opened higher but finished mixed. US index futures were flat overnight and the market opened one point below yesterday’s SPX 2261 close. By 10am the market had bounced to SPX 2263. Then consumer sentiment was reported higher: 98.2 v 98.0, and new home sales were reported higher: 592K v 563K. The market then pulled back to SPX 2259 by 11:30. The excitement continued as the market moved higher into the afternoon. Heading into the close the SPX hit 2264 and closed there.
For the day the SPX/DOW gained 0.10%, and the NDX/NAZ gained 0.20%. Bonds gained 4 ticks, Crude rose 10 cents, Gold added $3, and the USD was lower. Medium term support remains at the 2212 and 2177 pivots, with resistance at the 2270 and 2286 pivots. Today the WLEI was reported higher: 61.3% v 61.0%, and Q4 GDP was reported at 2.5% v 2.6%.
The market opened marginally lower today, bounced to SPX 2263, pulled back to SPX 2259, then finished the day at SPX 2264. Have to wonder why the market was even open. With very little movement on the day the short term wave pattern remains in choppy-mode. Some historical comparisons in the weekend update for your holiday reading. Best to you and yours this holiday season!
MEDIUM TERM: uptrend
LONG TERM: uptrend