SHORT TERM: another narrow range inside day, DOW -53
Overnight the Asian markets ended mixed. Europe opened higher and gained 0.3%. US index futures were lower overnight, and at 8:30 jobless claims were reported lower, plus the Philly FED was higher. The market opened one-point below yesterday’s SPX 2508 close, then began to pullback. At 10am leading indicators were reported higher. Then at 10:30 the SPX hit the low of the day at 2499. After that the market went into the drift up mode. By 12:30 the SPX hit 2506, then pulled back to 2501 to end the day.
For the day the SPX/DOW lost 0.25%, and the NDX/NAZ lost 0.60%. Bonds lost 2 ticks, Crude was flat, Gold lost $9, and the USD was lower. Medium term support remains at the 2479 and 2456 pivots, with resistance at the 2525 pivot.
The market opened two-points bel0w yesterday’s SPX 2509 high, pulled back to within two-points above yesterday’s SPX 2497 low, then traded in a seven-point trading range for the rest of the day. Exciting, right? A short term negative divergence has been in place since Monday at SPX 2508. And despite a couple of pullbacks the market has still not reached oversold. Not much action today, and no change in the count. Short term support remains at the 2479 and 2456 pivots, with resistance at the 2525 pivot. Short term momentum ended the day near oversold. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend