SHORT TERM: higher open new all-time highs, DOW +62
Overnight the Asian markets gained 0.8%. Europe opened higher and gained 0.6%. US index futures were higher overnight. At 8:30 monthly payrolls came in less than expected, the unemployment rate was reported at a 16-year low, and the trade deficit was higher. The market opened 2-points above yesterday’s SPX 2430 close, then dipped to 2428 by 10am. After that the market began rallying to new highs. At 1:30 the SPX hit 2440, then ticked down to end the week at 2439.
For the day the SPX/DOW gained 0.30%, and the NDX/NAZ gained 1.0%. Bonds gained 16 ticks, Crude slid 60 cents, Gold rose $9, and the USD was lower. Medium term support remains at the 2428 and 2411 pivots, with resistance at the 2444 and 2479 pivots. Today the WLEI was reported lower 54.6% v 55.1%, and the Q2 GDP estimate was reported lower: 3.4% v 3.7%.
The market opened at a new high, dipped to the 2428 pivot, then rallied to higher highs entering the 2444 pivot range. In the last two days the market has cleared the OEW 2428 pivot, used it as support, then entered the 2444 pivot range. Thus far the market has rallied 36-points from Wednesday’s SPX 2404 low, after rallying, uninterrupted, 66-points from the recent 2353 low. It is starting to look like a third of third wave. Best to your weekend!
MEDIUM TERM: uptrend
LONG TERM: uptrend