SHORT TERM: ATH open then consolidation, DOW +61
Overnight the Asian markets gained 0.7%. Europe opened higher and gained 0.3%. US index futures were higher overnight, and the market opened at SPX 2493 an ATH. The market had closed at SPX 2488 yesterday. In the opening moments the SPX rose to 2496 then began to pullback. By 11am the SPX had reached 2490. It then rallied to SPX 2497 in the closing minutes only to close at 2496.
For the day the SPX/DOW gained 0.30%, and the NDX/NAZ gained 0.30%. Bonds lost 12 ticks, Crude rose 20 cents, Gold added $4, and the USD was higher. Medium term support remains at the 2479 and 2456 pivots with resistance at the 2525 pivot. Tomorrow: the PPI at 8:30, then the Budget deficit at 2pm.
The market opened at an ATH, then made a new ATH before spending the rest of the day consolidating. As we have been noting, during the inflection point period, either a breakout or breakdown would eliminate one of the two short term counts. Today the SPX daily chart was updated to reflect the count on the SPX hourly chart. Currently we have the SPX in Minute iii of Minor 5. With Micro waves (orange) 1 and 2 completed and Micro 3 underway. Micro 3 appears to be subdividing as follows: (1) 2455, (2) 2428, (3) 2480-2447-2497 so far. Lots of counts floating around but this looks the most probable. Short term support is at the 2479 and 2456 pivots, with resistance at the 2525 pivots. Short term momentum remains overbought. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend