SHORT TERM: lower open sideways day, DOW +13
Overnight the Asian markets were mixed. Europe opened lower and lost 0.1%. US index futures were lower overnight, and the market opened five-points below yesterday’s SPX 2265 close. After a quick dip to SPX 2459, the market rallied to 2467 by 11am. At 10am wholesale inventories were reported higher. After that the market remained in the opening range for the rest of the day, much like yesterday. At 3pm consumer credit was reported higher. Then the market ended the day at SPX 2461.
For the day the SPX/DOW were mixed, and the NDX/NAZ lost 0.70%. Bonds ended flat, Crude slid $1.50, Gold slipped $2, and the USD was lower. Medium term support remains at the 2456 and 2444 pivots, with resistance at the 2479 and 2525 pivots. Today the Q3 GDP estimate was reported at 3.0% v 3.2%.
The market opened lower today, turned positive by late-morning, then spent the rest of the day bouncing between negative and unchanged on the day. Not much going on for the past two days, and no change to the short-term count posted Wednesday. After gap openings on Tuesday/Wednesday the market has gone quiet again. Best to your weekend!
MEDIUM TERM: inflection point continues
LONG TERM: uptrend