SHORT TERM: new highs then pullback, DOW -29
Overnight the Asian markets gained 0.2%. Europe opened higher and gained 0.2% as well. US index futures were higher overnight. At 8:30 the Philly FED was reported lower, as was unemployment claims. The market opened three points above yesterday’s SPX 2474 close, ticked up to 2478, then began to pullback. At 10am leading indicators were reported higher. By 10:30 the SPX hit 2468, then began to work its way higher. At 11am the SPX hit 2476, dipped to 2470 by 11:30, then hit 2477 at 3:30. A pullback to SPX 2473 ended the day.
For the day the SPX/DOW lost 0.05%, and the NDX/NAZ gained 0.05%. Bonds were flat, Crude slipped 45 cents, Gold added $2 , and the USD was lower. Medium term support remains at the 2456 and 2444 pivots, with resistance at the 2479 and 2525 pivots. Tomorrow is options expiration.
The market opened at new all-time highs again today, then pulled back 10 points in the first hour of trading. After that the market worked its way close to the highs for the day. The pullback was not enough to be quantified on either of our short term counts. We remain with 5 waves up on our very-short term count, and three waves on the short-term count. While we did see a 10-point swing intraday, it did not look like an options expiration event. Possibly more volatility tomorrow. Short term support remains at the 2456 and 2444 pivots, with resistance at the 2479 and 2525 pivots. Short term momentum ended the day at neutral. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend