SHORT TERM: higher open – then pullback, DOW +98
Overnight the Asian markets gained 0.5%. Europe opened lower but gained 0.3%. US index futures were higher overnight, and the market opened 5 points above yesterday’s SPX 2477 close. Right after the open the market started to pullback. At 2pm the FOMC: https://www.federalreserve.gov/newsevents/pressreleases/monetary20170726a.htm. The market dipped to SPX 2475 in the last half hour of trading, then closed at 2478.
For the day the SPX/DOW gained 0.25%, and the NDX/NAZ gained 0.25%. Bonds gained 11 ticks, Crude rose 80 cents, Gold gained $10, and the USD was lower. Medium term support remains at the 2456 and 2444 pivots, with resistance at the 2479 and 2525 pivots. Tomorrow: jobless claims and durable goods at 8:30.
The market opened at an all-time high today in the SPX/DOW and then stalled. The OEW 2479 pivot remains the obstacle. After 6-days of hovering around the pivot, the market may need a gap up opening to break through it. After a pullback to SPX 2475 near the close, the market bounced. A seven point range on FOMC day, as the VIX hit 30-year lows today. Incredible! Both short term counts remains unchanged. Short term support remains at the 2456 and 2444 pivots, with resistance at the 2479 and 2525 pivots. Short term momentum ended the day around neutral. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend