SHORT TERM: gap up opening, DOW +187
Overnight the Asian markets were mixed. Europe opened higher and gained 0.6%. US index futures were higher overnight, and at 8:30 monthly payrolls were reported higher: 227K v 156K. The market gapped up at the open to SPX 2291 and continued to rally. The SPX had closed at 2281 yesterday. At 10am factory orders were reported higher: 1.3% v -2.4%, and ISM services was reported lower: 56.5 v 57.2. The rally continued to just past 11am when the SPX hit 2298. Then the market went into a 4 points tight trading range for the rest of the day, before closing at SPS 2297.
For the day the SPX/DOW gained 0.80%, and the NDX/NAZ gained 0.40%. Bonds added 1 tick, Crude rose 30 cents, Gold ticked up $3, and the USD was lower. Medium term support rises to the 2286 and 2270 pivots again, with resistance at the 2321 and 2336 pivots. Today the WLEI was lowered to 61.8% v 61.9%, and this week Q1 GDP was estimated at 3.4% v 2.3%.
The market gapped up at the open for the second time in three days. This gap up was not sold off minutes after the open like the one on Wednesday. It kept on rising, consolidated, and then closed near the high. Still no resolution breakout/breakdown of the two SPX levels: 2267 and 2301. Monday’s another day. Reviewing all the charts in preparation for the weekend report. Best to you and yours this weekend!
MEDIUM TERM: uptrend
LONG TERM: uptrend