SHORT TERM: lower open consolidation day, DOW -22
Overnight the Asian markets ended mixed. Europe opened lower and lost 0.3%. US index futures were lower overnight, and the market opened 3-points below Friday’s SPX 2439 close. In the opening minutes the market dipped down to SPX 2434, then hit the high at 2440 by 10am. At 10am ISM services were reported lower, and factory orders were reported lower. Then the market remained in that 6-point trading range for rest of the day, closing at 2436.
For the day the SPX/DOW lost 0.10%, and the NDX/NAZ lost 0.10%. Bonds lost 6 ticks, Crude slipped 25 cents, Gold rose $1, and the USD was higher. Medium term support remains at the 2428 and 2411 pivots, with resistance at the 2444 and 2479 pivots.
The market opened slightly lower today, rallied back to the SPX 2440 all-time high, then went into a 6-point trading range for the rest of the day. No change on either short term count noted in the weekend update. While today’s market was relatively quiet, there is lots of potential market moving activity setting up for Thursday. First we have the ECB meeting, ex-FBI chief Comey’s testimony, then the UK election, all in one day. Could be a wild day. Short term support remains at the 2428 and 2411 pivots, with resistance at the 2444 and 2479 pivots. Short term momentum backed off from quite overbought and ended the day at neutral. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend