SHORT TERM: market opens higher then pulls back again, DOW +70
Overnight the Asian markets gained 0.5%. Europe opened lower but gained 0.1%. US index futures were higher overnight, and the market opened 6-points above yesterday’s SPX 2545 close. In the opening minutes the market rallied to SPX 2555, a new high, then began to pullback. By 12:30 the market had retraced the entire opening rally when it hit SPX 2545. Then a bounce into the close ended the day at SPX 2551.
For the day the SPX/DOW gained 0.25%, and the NDX/NAZ gained 0.10%. Bonds gained 4 ticks, Crude rose $1.35, Gold rose $3, and the USD was lower. Medium term support remains at the 2525 and 2479 pivots, with resistance at the 2575 and 2594 pivots. Tomorrow: FOMC minutes at 2pm.
The market opened higher today, after it looked like it was about to continue yesterdays’ pullback. In the opening minutes the SPX rallied to a new high at 2555. Then pulled back for the rest of the day. Choppy action the past three trading days after establishing the SPX 2553 high on Thursday. Still no change in the short term count. Been over two weeks since the market had its last notable pullback. Short term negative divergences just about everywhere. Short term support at the 2525 and 2479 pivots, with resistance at the 2575 and 2594 pivots. Short term momentum ended the day above neutral. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend