SHORT TERM: consolidation day, DOW +39
Overnight the Asian markets gained 0.5%. Europe opened higher and gained 0.1%. US index futures were higher overnight. At 8:30 housing starts were reported lower and building permits were reported higher. The market opened at SPX 2507, 3-points above yesterday close, and then started to pullback. By 11am the SPX had only reached 2503, then turned around and hit yesterday’s ATH at SPX 2508 by noon. After that the market went into a 2-point range into the close, ending the day at SPX 2507.
For the day the SPX/DOW gained 0.15%, and the NDX/NAZ gained 0.15%. Bonds lost 4 ticks, Crude dropped 35 cents, Gold added $2, and the USD was lower. Medium term support remains at the 2479 and 2456 pivots, with resistance at the 2525 pivot. Tomorrow: existing home sales at 10am, then the FOMC statement and press conference at 2pm and later.
The market opened slightly higher today, then spent the entire day in a 5-point trading range. No new highs, just a retest of yesterday’s ATH. No change in the count either. See yesterday’s update for that. Two days into the week and all the market has done is maintain an 8-point trading range. The last four days of last week it traded in a 10-point trading range for the entire time. Short term support is at the 2479 and 2456 pivots, with resistance at the 2525 pivot. Short term momentum ended the day just below overbought. Best to your trading FOMC day!
MEDIUM TERM: uptrend
LONG TERM: uptrend