SHORT TERM: quiet open then new highs, DOW +24
Overnight the Asian markets gained 0.2%. Europe opened higher and gained 0.8%. US index futures were flat overnight. At 8:30 personal income/spending were reported higher, and the PCE was higher. The market opened unchanged at SPX 2510, then dipped to 2508 in the opening minutes. At 9:45 the Chicago PMI was reported higher. After the dip to SPX 2508 the market started to rally. The rally continued right into the close, when the SPX hit a new high at 2519.
For the day the SPX/DOW gained 0.25%, and the NDX/NAZ gained 0.70%. Bonds lost 10 ticks, Crude was flat, Gold slipped $6, and the USD was lower. Medium term support remains at the 2479 and 2456 pivots, with resistance at the 2525 pivots. Today the Q3 GDP estimate was raised to 2.3% from 2.1%.
The market opened unchanged today, dipped, and then rallied to new highs at SPX 2519. The short term count continues from SPX 2417: 1. 2455, 2. 2428, 3. 2480-2447-2509-2488-2519. With the Transports in breakout mode the SPX is finding little overhead resistance. Will cover all the charts in the weekend update. Enjoy your weekend!
MEDIUM TERM: uptrend
LONG TERM: uptrend