SHORT TERM: higher open and another choppy session, DOW +37
Overnight the Asian markets gained 0.1%. Europe opened lower and lost 0.3%. US index futures were higher overnight, and the market opened 3-points above yesterday’s SPX 2429 close. By 10am the SPX had hit 2435, and then started to pullback. Just before 1pm the SPX reached 2425, and started to rally. At 3pm consumer credit was reported lower. Just before the close the SPX hit 2435 again, then dipped to close at 2433.
For the day the SPX/DOW gained 0.15%, and the NDX/NAZ gained 0.35%. Bonds lost 6 ticks, Crude dropped $2.40, Gold slid $8, and the USD was higher. Medium term support remains at the 2428 and 2411 pivots, with resistance at the 2444 and 2479 pivots. Tomorrow: the ECB meets, weekly jobless claims at 8:30, Comey testifies and the UK elections.
The market opened a few points higher today, but after 10am resumed the now 3-day pullback from Friday’s SPX 2440 record high. Nothing unusual during this pullback despite: Crude tanking today, and the ECB meeting, Comey testimony, UK election tomorrow. The pullback extended today to 15-points, hitting SPX 2425. No change in the very short term count of 4 waves from SPX 2353. Short term support is at the 2428 and 2411 pivots, with resistance at the 2444 and 2479 pivots. Short term momentum hit a positive divergence at this afternoon’s SPX 2425 low. Trade what’s in front of you!
MEDIUM TERM: uptrend
LONG TERM: uptrend