SHORT TERM: tech earnings gap up opening, DOW +33
Overnight the Asian markets gained 0.3%. Europe opened higher and gained 0.5%. US index futures were higher overnight, and at 8:30 Q3 GDP was reported higher. The market gapped up at the open to SPX 2571. Then after a dip to SPX 2566 in the opening minutes the market moved higher. At 10am Consumer sentiment was reported lower. The rally continued throughout the day well into the afternoon as the SPX hit a new high at 2583. Then the market drifted lower into the close to end the week at SPX 2581.
For the day the SPX/DOW gained 0.50%, and the NDX/NAZ gained 2.55%. Bonds gained 10 ticks, Crude rose $1.35, Gold added $6, and the USD was higher. Medium term support rises to the 2575 and 2525 pivots, with resistance at the 2594 pivot.
The market gapped up at the open for the second day in a row today. And the market rallied to all-time new highs, confirming Micro wave 5 is underway. Around 2:30 the SPX hit 2583, five points above the previous high, then backed off some into the close. An eventful week, with Micro 3 and Micro 4 completing and Micro 5 underway to eventually complete Minute wave iii. We’ll cover the short term wave count, and potential future pullbacks in the weekend update. Best to your weekend!
MEDIUM TERM: uptrend
LONG TERM: uptrend