SHORT TERM: higher open choppy trading, DOW +2
Overnight the Asian market gained 0.2%. Europe opened higher but lost 0.2%. US index futures were flat to higher overnight, and the market opened 3 points above Friday’s SPX 2356 close. Around 10:30 the SPX hit 2366 then started to pullback. Just past noon the SPX had dropped to 2352, found support, and reversed to the upside. Just past 3pm the SPX hit 2363 then pulled back to close at 2357.
For the day the SPX/DOW gained 0.05%, and the NDX/NAZ gained 0.05%. Bonds gained 3 ticks, Crude rose 80 cents, Gold was flat, and the USD was lower. Medium term support remains at the 2336 and 2321 pivots, with resistance at the 2385 and 2411 pivots. FED chair Yellen has a discussion after today’s close.
The market opened higher today, rallied, then turned negative, before rallying yet again, only to finish about unchanged. The choppy activity over the past several weeks, with a downward bias, continues. The market continues to be range bound, much like Minor wave 2 before it broke lower. A breakout, and the uptrend resumes. A breakdown, below the 2336/2321 support pivots, and the downtrend gets confirmed. Short term support is at the 2336 and 2321 pivots, with resistance at the 2385 and 2411 pivots. Short term momentum spent the entire day just around neutral. Best to your trading!
MEDIUM TERM: uptrend under pressure
LONG TERM: uptrend