SHORT TERM: lower open then rebound, DOW -10
Overnight the Asian markets lost 0.9%. Europe opened lower but gained 0.3%. US index futures were lower overnight, and the market opened 4-points below yesterday’s SPX 2501 close. Right after the open the market rebounded to SPX 2501 by 10:30. Then the market retested the low at SPX 2497 by 1:30. After that the market rallied to SPX 2503 in the closing minutes, and ended the week at 2502.
For the day the SPX/DOW were mixed, and the NDX/NAZ were mixed. Bonds rose 5 ticks, Crude added 10 cents, Gold bounced $6, and the USD was lower. Medium term support remains at the 2479 and 2456 pivots, with resistance at the 2525 pivot. This week the Q3 GDP estimate remained at 2.2%.
The market opened at the low today, bounced, then remained in the opening range for most of the day. For the week the entire trading range was 12 points. This follows the last four days of last week, which had a trading range of 10 points. This market is going nowhere fast. Obviously, no change on the short term count. Fortunately we have plenty to write about in the weekend update. Best to your weekend!
MEDIUM TERM: uptrend
LONG TERM: uptrend