SHORT TERM: higher open then another choppy day, DOW -60
Overnight the Asian markets gained 0.4%. Europe opened lower but finished mixed. US index futures were higher overnight, and at 8:30 durable goods orders were reported higher: 1.7% v 1.8%. The market opened at SPX 2351, rallied to 2356 by 11am, and then began to pullback. Just past 3pm the SPX hit the 2336 pivot again. Then it was announced that the healthcare bill vote was cancelled. The market reversed to the upside. At 3:30 the SPX hit 2351, then pulled back to end the week at 2344.
For the day the SPX/DOW lost 0.20%, and the NDX/NAZ gained 0.20%. Bonds added 1 tick, Crude rose 35 cents, Gold tacked on $2, and the USD was lower. Medium term support remains at the 2336 and 2321 pivots, with resistance at the 2385 and 2411 pivots. Today the WLEI was reported lower: 59.0% v 59.6%, and the Q1 GDP estimate was reported higher: 1.0% v 0.9%.
The market opened higher today, rallied, and then sold off to Wednesday’s 2336 low. After the healthcare bill vote was cancelled the market reversed and ended the week at SPX 2344. The market has appeared to have been held hostage by this healthcare bill the past few trading days. No change in thee short term count. Weekend update tomorrow. Best to your weekend!
MEDIUM TERM: uptrend
LONG TERM: uptrend