SHORT TERM: turnaround Tuesday, DOW -62
Overnight the Asian markets gained 0.1%. Europe opened higher but lost 0.5%. Also overnight FED vice chair Fischer gave a speech in the Netherlands: https://www.federalreserve.gov/newsevents/speech/fischer20170620a.htm. US index futures were lower overnight and the market opened 6 points below yesterday’s SPX 2453 record close. Around 12:30 the SPX had declined to 2440. Then after a bounce to SPX 2445 by 1:30 the market traded down to SPX 2437 and closed there.
For the day the SPX/DOW lost 0.50%, and the NDX/NAZ lost 0.80%. Bonds gained 8 ticks, Crude lost 90 cents, Gold dipped $2, and the USD was higher. Medium term support drops to the 2428 and 2411 pivots, with resistance at the 2444 and 2456 pivots. Tomorrow: existing home sales at 10am.
The market opened lower today, then traded down to SPX 2437. This represents a 17-point decline from yesterday’s SPX 2454 all-time high. Short term, the rally from Minute iv at SPX 2416, is now starting to look like four overlapping waves: 2444-2419-2454-2437. Minute v subdividing further, or a diagonal triangle in the making? Short term support drops to the 2428 and 2411 pivots, with resistance at the 2444 and 2456 pivots. Short term momentum ends the day oversold. Best to your trading! Swarm is up next.
MEDIUM TERM: uptrend
LONG TERM: uptrend