SHORT TERM: gap up opening then new highs, DOW +144
Overnight the Asian markets gained 0.8%. Europe opened higher and gained 0.9%. US index futures were higher overnight as well. The market gapped up at the open to SPX 2443 and continued to rally. The SPX has closed at 2433 on Friday. After hitting SPX 2452 by 10:30 the market went into drift mode. By 1:30 the market had reached SPX 2453 and then started to pullback. At 3pm the SPX touched 2448, then hit a new high at 2454 before closing at 2453.
For the day the SPX/DOW gained 0.75%, and the NDX/NAZ gained 1.50%. Bonds lost 9 ticks, Crude slid 60 cents, Gold dropped $9, and the USD was higher. Medium term support rises to the 2444 and 2428 pivots, with resistance at the 2456 and 2479 pivots. No economic reports until Wednesday.
The market gapped up at the open today, rallied to a new all-time high of SPX 2454, then pulled back slightly into the close. With today’s rally past SPX 2446 it appears Minute wave v, despite the lagging NDX/NAZ, is extending. Counting from the SPX 2416 Minute wave iv low we now see three waves up: 2444-2419-2454 so far. This suggests the OEW 2479 pivot is now within the upside range of this ongoing uptrend. Short term support is at the 2444 and 2428 pivots, with resistance at the 2456 and 2479 pivots. Short term momentum hit extremely overbought today, then backed off some. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend