SHORT TERM: higher open then quiet day, DOW -65
Overnight the Asian markets gained 0.4%. Europe opened lower and lost 0.5%. US index futures were higher overnight, and at 8:30 both weekly jobless claims and durable goods orders were reported lower. The market opened two points above yesterday’s SPX 2599 record close, and then started to drift lower. At 10am consumer sentiment was reported lower. At 1:30 the SPX hit 2595. Then at 2pm the FED ‘s FMOC minutes were released: https://www.federalreserve.gov/newsevents/pressreleases/monetary20171122a.htm. The market then bounced higher, but ended the day at SPX 2597.
For the day the SPX/DOW lost 0.15%, and the NDX/NAZ gained 0.10%. Bonds gained 13 ticks, Crude rose $1.15, Gold rallied $11, and the USD was lower. Medium term support remains at the 2594 and 2575 pivots, with resistance at the 2632 pivot. Tomorrow is the Thanksgiving holiday in the States. Markets will reopen on Friday for half a day.
The market opened at the all-time high today, then drifted lower for the rest of the day. Fairly quiet day, and no change in the short term count from SPX 2557: 2590-2578-2601 so far. Would be surprised if Friday’s half a day is any different than today. Short term support is at the 2594 and 2575 pivots, with resistance at the 2632 pivot. Short term momentum remained around neutral for most of the day. Happy Thanksgiving everyone!
MEDIUM TERM: uptrend
LONG TERM: uptrend