SHORT TERM: all-time new highs then tech decline, DOW +89
Overnight the Asian markets gained 0.2%. Europe opened higher and gained 0.8%. US index futures were higher overnight. The market opened 5-points above yesterday’s SPX 2334 close and continued to rally. At 10:30 the SPX hit an all-time high of 2446, and then started to pullback with profit taking in the Tech sector. Just before 3pm the SPX hit 2416. Then it rallied to SPX 2432 to end the day with a small loss.
For the day the SPX/DOW were mixed and the NDX/NAZ lost 2.1%. Bonds lost 4 ticks, Crude added 25 cents, Gold dropped $10, and the USD was higher. Medium term support remains at the 2428 and 2411 pivots, with resistance at the 2444 and 2479 pivots. Today the WLEI was reported lower, and the Q2 GDP estimate was lowered to 3.0%.
Interesting day. The market opened higher, took out the SPX 2440 high, then continued to 2446. The new high confirmed the ending of the 4th wave, on our very short-term count, at SPX 2425 yesterday. And the new high was the fifth wave up from the last month’s SPX 2353 Minute ii low. This suggests Minute iii, of this Minor 5 uptrend, may have completed today at SPX 2446. Will cover this in detail in the weekend update. Best to your weekend!
MEDIUM TERM: uptrend
LONG TERM: uptrend