SHORT TERM: another day another pullback, DOW +35
Overnight the Asian markets lost 0.1%. Europe opened higher but lost 0.4%. US index futures were higher overnight. At 8:30 weekly jobless claims were reported higher: 244K v 239K, and at 9am the FHFA was reported higher: 0.4% v 0.5%. The market opened 5 points higher than yesterday’s SPX 2363 close, and at an all-time high. However, right after the open the market started to sell off. Just past 11am the SPX hit 2355, and then started to rebound. The rebound continued until 3:30 when the SPX hit 2366. Then a dip into the close ended the day at SPX 2364.
For the day the SPX/DOW gained 0.10%, and the NDX/NAZ lost 0.40%. Bonds gained 12 ticks, Crude rose 80 cents, Gold rallied $10, and the USD was lower. Medium term support remains at the 2336 and 2321 pivots, with resistance at the 2385 and 2411 pivots. Tomorrow: consumer sentiment and new home sales at 10am.
The market opened higher today, hitting a new high, then pulled back 13-points. This is the third time this week the market has made a new high by one-point, and followed that with a pullback of at least 8-points: 2366-2358, 2367-2358, 2368-2355. The previous all-time high heading into this week was SPX 2351. Today’s pullback appeared to be driven by profit taking in the Tech sector. Something to keep an eye on as we close out the week tomorrow. No change in the counts posted, despite lots of churning at current levels. Short term support slips to SPX 2355 and the 2336 pivot, with resistance at SPX 2368 and the 2385 pivot. Short term momentum declined below neutral on today’s pullback, but did not hit oversold. Best to your Friday trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend