SHORT TERM: higher open and move higher, DOW +75
Overnight the Asian markets gained 0.2%. Europe opened higher and gained 0.1%. US index futures were higher overnight, and the market opened 4 points above yesterday’s SPX 2398 close. After the open the market started to drift lower. At 10am new home sales were reported lower: 5.57m v 5.70m. At 2pm the FED released their FOMC minutes: https://www.federalreserve.gov/newsevents/pressreleases/monetary20170524a.htm. The market dipped to SPX 2398 just after the release, then started to rise. Heading into the close the SPX matched its 2406 all-time high then closed at 2404.
For the day the SPX/DOW gained 0.30%, and the NDX/NAZ gained 0.45%. Bonds gained 11 ticks, Crude slipped 15 cents, Gold rose $5, and the USD was lower. Medium term support remains at the 2385 and 2336 pivots, with resistance at the 2411 and 2428 pivots. Tomorrow: weekly jobless claims at 8:30.
The market opened higher today for the fourth day in a row. The rally that began at the open last Thursday at SPX 2353 how now risen 53 points without any quantifiable pullback. This is the best rally since the 3 of 3 portion of the SPX 2329-2406 advance that began this uptrend. The SPX has matched its all-time high, while the NDX is still a few points short. Still concerned about the longer term negative divergence build, and the DOW about 0.5% below its all-time highs. The NDX, btw, has already exceeded its all-time high. Short term support is at the 2385 pivot and SPX 2353, with resistance at the 2411 and 2428 pivots. Short term momentum ended the day quite overbought. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend