SHORT TERM: higher open then pullback, DOW +5
Overnight the Asian markets gained 0.3%. Europe opened lower but gained 0.3%. US index futures were higher overnight. At 8:30 retail sales, import prices and the NY FED were all reported higher. The market opened three points above yesterday’s SPX 2466 close, and then began to pullback. At 10am business inventories and the NAHB were both reported higher. By 1pm the SPX had reached 2462, and then tried to rally. In the last hour of trading the SPX hit 2469, then pulled back to close at 2465.
For the day the SPX/DOW were mixed, and the NDX/NAZ lost 0.05%. Bonds lost 13 ticks, Crude was flat, Gold dropped $9, and the USD was higher. Medium term support remains at the 2456 and 2444 pivots, with resistance at the 2479 and 2525 pivots. Tomorrow: housing starts, building permits and the FOMC minutes.
The market opened today one-point above yesterday’s high at SPX 2469, then immediately began to pullback. After touching SPX 2462 at 10:30, and then again at 1pm, the market started to rally. The market rallied back to the highs of the day in the last half hour of trading. Then pulled back to end the day at SPX 2465. We still have only one wave up: SPX 2438 to 2469. Short term support remains at the 2456 and 2444 pivots, with resistance at the 2479 and 2525 pivots. Short term momentum ended the day above neutral. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend