SHORT TERM: quiet open – positive day, DOW +72
Overnight the Asian markets lost 0.1%. Europe opened higher and gained 0.3%. US index futures were lower, then higher overnight. The market opened one point above Friday’s SPX 2579 close, ticked down to 2578 by 10am, then started to rise. At 10am leading indicators were reported higher. The advance continued until 3pm when the SPX hit 2585. Then a pullback into the close ended the day at SPX 2582.
For the day the SPX/DOW gained 0.20%, and the NDX/NAZ were mixed. Bonds lost 6 ticks, Crude slipped 35 cents, Gold fell $15, and the USD was higher. Medium term support remains at the 2575 and 2525 pivots, with resistance at the 2594 and 2632 pivots. Tomorrow: existing home sales at 10am.
The market opened slightly higher today, dipped, then rose to SPX 2585. Fairly quiet day, starting what appears may be a fairly quiet holiday week. No change in the short term count from SPX 2557 for Minute v: 2590-2578. Of the widely followed US indices: only the SOX made new highs today. Short term support is at the 2575 pivot and SPX 2557, with resistance at the 2594 and 2632 pivots. Short term momentum traded above/below neutral today. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend