SHORT TERM: market opens at new highs, DOW +153
Overnight the Asian markets ended mixed. Europe opened higher and gained 0.6%. US index futures were higher overnight, and the market opened two points above Friday’s
SPX 2519 record close. At 10am ISM manufacturing was reported higher, as well as construction spending. At 10:30 the SPX hit 2528 and began to pullback. The pullback lasted until noon when the SPX hit 2522. Then a rally into the close ended the day at SPX 2529.
For the day the SPX/DOW gained 0.55%, and the NDX/NAZ gained 0.20%. Bonds slipped 4 ticks, Crude dropped $1.15, Gold slid $8, and the USD was higher. Medium term support rises to 2525 and 2479 pivots, with resistance at the 2575 pivot. Tomorrow: auto sales in the morning.
The market opened higher today, rallied to SPX 2528, pulled back to 2522, then hit 2529 in the afternoon. New week, new month, new quarter, new highs. The short term count from SPX 2417 can now be notched up a bit: (1) 2455, (2) 2428, (3) 2480-2447-2509-2488-2529. For those wondering. The next OEW pivot is at SPX 2575. Short term support is at the 2525 and 2479 pivots, with resistance at the 2575 pivot. Short term momentum hit extremely overbought today. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend