SHORT TERM: lower open choppy day, DOW -6
Overnight the Asian markets lost 0.5%. Europe opened lower but ended mixed. US index futures were lower overnight, and at 8:30 weekly jobless claims were reported lower: 246K v 260K. The market opened 6 points below yesterday’s SPX 2280 close, ticked down to 2272 in the opening minutes, and then started to rally. By 11am the SPX had turned positive reaching 2284. After that the market dropped to SPX 2275, and then bounced to end the day at 2281.
For the day the SPX/DOW were mixed, and the NDX/NAZ lost 0.10%. Bonds slipped 1 tick, Crude dipped 10 cents, Gold rose $6, and the USD was higher. Medium term support remains at the 2270 and 2212 pivots, with resistance at the 2286 and 2321 pivots. Tomorrow: monthly payrolls (est. 205K) at 8:30, then ISM services at 10am.
The market opened lower today, hit yesterday’s SPX 2272 low, then rallied to 2284. After that it stayed within a tighter range, with choppy action, for the rest of the day. The last two days activity was good for day traders, but does nothing to advance the short term count in either direction. Still see SPX 2267 and SPX 2301 as key levels in both directions. For the uptrend to roll over into a downtrend it must first break that low, and for it to extend it must first break that high. Short term support is at the 2270 pivot and SPX 2257, with resistance at the 2286 pivot and SPX 2301. Short term momentum remained around neutral for most of the day. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend