SHORT TERM: consolidation pullback, DOW -19
Overnight the Asian markets gained 0.7%. Europe opened lower and lost 0.8%. US index futures were lower overnight, and the market opened 5 points below Friday’s SPX 2297 close. The market then bounced to SPX 2296 by 10:30 before heading lower. At 1:30 the market hit SPX 2289, then bounced into the close to end at 2293.
For the day the SPX/DOW lost 0.15%, and the NDX/NAZ was mixed. Bonds gained 21 ticks, Crude lost 70 cents, Gold rallied $15, and the USD was higher. Medium term support remains at the 2286 and 2270 pivots, with resistance at the 2321 and 2336 pivots. Tomorrow: trade deficit at 8:30, then consumer credit at 3pm.
The market opened lower today, hit SPX 2289, then closed at 2293. Not much movement off of Friday’s SPX 2298 hit. But the negative divergence did kick-in although momentum only retraced to neutral. Not much change on the info posted over the weekend. SPX 2267 and SPX 2305 still loom as the important levels. Short term support is at the 2286 and 2270 pivots, with resistance at SPX 2301 and the 2321 pivot. Best to your Tuesday trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend