SHORT TERM: flat opening then drift higher, DOW +42
Overnight the Asian markets lost 0.1%. Europe opened higher but ended mixed. US index futures were slightly lower overnight, and the market opened one point below yesterday’s SPX 2551 close. By 10am the SPX had drifted down to 2548. After that it started to drift higher. At 2pm the FED released the FOMC minutes: https://www.federalreserve.gov/newsevents/pressreleases/monetary20171011a.htm. Heading into the close the SPX hit 2555, and closed there.
For the day the SPX/DOW gained 0.15%, and the NDX/NAZ gained 0.25%. Bonds gained 1 tick, Crude rose 40 cents, Gold gained $4, and the USD was lower. Medium term support remains at the 2525 and 2479 pivots, with resistance at the 2575 and 2594 pivots. Tomorrow: jobless claims and the PPI at 8:30.
Not a whole lot new going on in this market these days. Market opened flat today, dipped, then rallied to yesterday’s all-time high, where it closed. The short term count from SPX 2417 remains basically unchanged: Nano 1: 2455, Nano 2: 2428, Nano 3: 2480-2447-2509-2488-2555. Still waiting for the elusive Nano 4 and Nano 5 to end Micro 3. Then Micro 4 and 5 to end Minute iii. Lots of subdivisions within the Minor 5 uptrend. Short term support is at the 2525 and 2479 pivots, with resistance at the 2575 and 2594 pivots. Short tem momentum ended overbought. Best to you trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend