SHORT TERM: consolidation day, DOW +40
Overnight the Asian markets were mixed. Europe opened higher and gained 0.2%. US index futures were lower overnight. At 8:30 Q2 GDP was raised to +3.1%, and weekly jobless claims were higher. The market opened 4 points below yesterday’s SPX 2507 close, bounced around for an hour, and then started to rise. At 2pm the SPX hit 2511, then dipped to 2510 to end the day.
For the day the SPX/DOW gained 0.15%, and the NDX/NAZ were mixed. Bonds added 2 ticks, Crude dropped 55 cents, Gold rose $3, and the USD was lower. Medium term support remains at the 2479 and 2456 pivots, with resistance at the 2525 pivot. Tomorrow: personal income/spending at 8:30, the Chicago PMI at 9:45, then consumer sentiment at 10am.
The market opened lower today, made the low in the first few minutes, retested that low an hour later, then moved up for the rest of the day. Basically a consolidation inside day, after yesterday’s run to new highs. Tax cut on the table, Q2 at 3.1%, any other catalysts before the week/month/quarter ends tomorrow? Short term count from SPX 2417 remains unchanged: 2455-2428-2512. Short term support remains at the 2479 and 2456 pivots, with resistance at the 2525 pivot. Short term momentum ended the day under overbought. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend