SHORT TERM: higher open then pullback, DOW -12
Overnight the Asian markets lost 0.1%. Europe opened lower and finished mixed. US index futures were higher overnight, and at 9am Case-Shiller was reported higher. The market opened 4 points above yesterday’s SPX 2497 close, then hit 2504 at 10am. At 10am c0nsumer confidence was reported lower, as was new home sales. The market then pulled back to SPX 2495 by 11:30. At 12:30 FED chair Yellen’s speech was released: https://www.federalreserve.gov/newsevents/speech/yellen20170926a.htm. At 2pm the SPX hit 2502, then pulled back to close at 2497.
For the day the SPX/DOW were mixed, and the NDX/NAZ gained 0.20%. Bonds lost 4 ticks, Crude dipped 30 cents, Gold dropped $14, and the USD was higher. Medium term support remains at the 2479 and 2456 pivots, with resistance at the 2525 pivot. Tomorrow: durable goods at 8:30, then pending home sales at 10am.
The market opened higher today after yesterday’s pullback to SPX 2488. By 10am the SPX had hit 2504, pulled back to 2495, then rebounded some into the close. It looks like that small wave 4 ended at SPX 2488 and a small wave 5 is underway now. The short term count from SPX 2417: (1) 2455, (2) 2428, (3) 2480-2447-2509-2488-2504 so far. Also of note today is the Transports. They made a new all-time high today. This suggests the Major 5 we have been tracking is not over, and is subdividing into five Intermediate waves. This also suggests the general bull market is back on track for possibly SPX 3000 in the next year or so. Short term support is at the 2479 and 2456 pivots, with resistance at the 2525 pivot. Short term momentum ended the day just below neutral. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend