SHORT TERM: lower open then rebound, DOW -36
Overnight the Asian markets gained 0.4%. Europe opened higher and gained 0.1%. US index futures were lower overnight, and the market opened 6 points below yesterday’s SPX 2293 close. In the opening minutes the SPX ticked down to 2285, and then began to rebound. Around 11am the market turned positive, hit SPX 2296 by 3:30, then dipped to close at 2295.
For the day the SPX/DOW was mixed, and the NDX/NAZ gained 0.20%. Bonds gained 11 ticks, Crude rose 25 cents, Gold climbed $8, and the USD was lower. Medium term support remains at the 2286 and 2270 pivots, with resistance at the 2321 and 2336 pivots. Tomorrow: weekly jobless claims at 8:30, then wholesale inventories at 10am.
The market opened 6 points lower and it looked like it was going to do something today. A few minutes later the market found support at SPX 2285 and started to rebound. Just past 11am it turned positive, and then went back to doing nothing. Thought for a moment we would have something to write about today. But the market remained between SPX 2267 and SPX 2305 levels for the 6th day in a row. The range for this week is SPX 2285-2299. Short term support remains at the 2286 and 2270 pivots, with resistance at SPX 2301 and the 2321 pivot. Short term momentum hit oversold early, then rose to above neutral. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend