SHORT TERM: lower open quiet day, DOW -40
Overnight the Asian markets lost 0.3%. Europe opened higher but lost 0.5%. US index futures were lower overnight, and the market opened 5 points below yesterday’s SPX 2585 close. At 10am consumer sentiment was reported lower. Then around 10:30 the SPX hit 2576, firmed, and started to move higher. A drift higher continued into the last hour of trading when the SPX hit 2584. Then a dip at the close ended the week at SPX 2582.
For the day the SPX/DOW lost 0.15%, and the NDX/NAZ ended mixed. Bonds dropped 16 ticks, Crude slipped 25 cents, Gold slid $10, and the USD was lower. Medium term support remains at the 2575 and 2525 pivots, with resistance at the 2594 and 2632 pivots.
The market opened lower today, did not drop to yesterday’s low nor reach yesterday’s high. Basically an indecisive inside day. We’ll continue with the short term count(s) posted yesterday. Triggers: 2566 and 2597. More on the recent action in the weekend update. Best to your weekend and happy Veterans Day!
MEDIUM TERM: uptrend
LONG TERM: uptrend