SHORT TERM: ATH then FOMC volatility, DOW +42
Overnight the Asian markets gained 0.1%. Europe opened lower and ended mixed. US index futures were flat overnight, and the market opened at a new high: SPX 2509. Right after the open the market started to drift lower. At 10am existing home sales were reported lower. At 11am the SPX hit 2504, and started to rebound. By 12:30 the SPX had hit the 2509 level again, then drifted lower heading into the FOMC statement and conference. At 2pm the FED released thee following two statements: https://www.federalreserve.gov/newsevents/pressreleases/monetary20170920a.htm, and https://www.federalreserve.gov/newsevents/pressreleases/monetary20170920b.htm. The market initially bounced around in a narrow range, then dropped to SPX 2497 by 2:30. After FED chair Yellen began to speak the market rallied. Heading into the close the SPX hit 2509 again, then closed at 2508.
For the day the SPX/DOW gained 0.10%, and the NDX/NAZ lost 0.20%. Bonds dropped 10 ticks, Crude rallied 80 cents, Gold fell $10, and the USD was higher. Medium term support remains at the 2479 and 2456 pivots, with resistance at the 2525 pivot. Tomorrow: jobless claims and the Philly FED at 8:30, then leading indicators at 10am.
The market opened at another ATH today, bounced around a bit, then after the FOMC statement was released the market had its largest pullback in two weeks: 12 points. Despite the pullback being the largest in two weeks it did not register quantitatively on our short term count. The short-term count from SPX 2417 remains unchanged: (1) 2455, (2) 2428, (3) 2480-2447-2509. Short term support remains at the 2479 and 2456 pivots, with resistance at the 2525 pivots. Short term momentum nearly hit oversold during the pullback then ended the day above neutral. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend