SHORT TERM: lower opening then consolidation, DOW +34
Overnight the Asian markets lost 0.4%. Europe opened lower and lost 0.8%. US index futures were lower overnight, and at 8:30 Q2 GDP was reported higher (+2.6%). The market opened six points below yesterday’s SPX 2475 close, then drifted lower. At 10am consumer sentiment was reported higher. Just past 11am the SPX hit 2465 and then started to work its way higher. Heading into the close the SPX hit 2474, then closed at 2472.
For the day the SPX/DOW were mixed, and the NDX/NAZ lost 0.10%. Bonds added 4 ticks, Crude rose 65 cents, Gold rallied $9, and the USD was lower. Medium term support remains at the 2456 and 2444 pivots, with resistance at the 2479 and 2525 pivots.
The market opened lower today, dipped to SPX 2465, then rebounded for the rest of the day. While the SPX/NDX/NAZ were again lower today, the DOW closed at another all-time high. Quite an interesting market lately. The SPX/NDX/NAZ have ended an uptrend, had a downtrend, then entered another uptrend, while the DOW has remained alone in its uptrend all along. Some comments on this in the weekend update. Best to your weekend!
MEDIUM TERM: uptrend
LONG TERM: uptrend