SHORT TERM: higher open and rally, DOW +142
Overnight the Asian markets gained 0.1%. Europe opened higher and gained 0.5%. US index futures were higher overnight, and the market gapped up to SPX 2373 at the open on this options expiration Friday. After the open the market continued to rally. At noon FED: https://www.federalreserve.gov/newsevents/pressreleases/other20170519a.htm. At 2:30 the SPX hit 2389, and then began to pullback. Around 3:30 the SPX hit 2380, then bounced to end the week at 2382.
For the day the SPX/DOW gained 0.65%, and the NDX/NAZ gained 0.45%. Bonds were flat, Crude rose $1.05, Gold added $6, 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: 55.0% v 55.1%.
The market gapped up at the open today, then rallied into the 2385 pivot range before pulling back some into the close. Thus far the market has rallied 36-points from Thursday’s SPX 2353 low, then ran into resistance at the 2385 pivot. The SPX/DOW outperformed the NDX/NAZ, which is a positive sign for a continuation of the uptrend. More on this in the weekend update. Enjoy the weekend!
MEDIUM TERM: uptrend
LONG TERM: uptrend