SHORT TERM: higher open then pullback, DOW -13
Overnight the Asian markets lost 0.1%. Europe opened higher but lost 0.1% as well. US index futures were relatively flat overnight, but the market opened three points above Friday’s SPX 2549 close. Right after the open the market started to pullback. By 10:30 the SPX hit 2546. Then after a bounce to SPX 2549 by noon the market headed even lower. In the last hour of trading the SPX hit 2542 twice. Then bounced to close at SPX 2545.
For the day the SPX/DOW lost 0.10%, and the NDX/NAZ lost 0.15%. Bonds gained 4 ticks, Crude rose 20 cents, Gold rallied $10, and the USD was lower. Medium term support remains at the 2525 and 2479 pivots, with resistance a the 2575 and 2594 pivots.
The market opened slightly higher today, but immediately began to pullback. Thus far the market has only declined about 11-points from the SPX 2553 all-time high. If this is the Nano 4 wave we have been awaiting, the market should drop another 10+ points to confirm. All notable pullbacks since the SPX 2417 Micro 2 low have been between 21 and 33 points. The R2K, TRAN, and NYSE were all a bit weaker today, maybe it is time. Short term support remains at the 2525 and 2479 pivots, with resistance at the 2575 and 2594 pivots. Short term momentum nearly hit oversold today for the first time in two weeks. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend