SHORT TERM: higher open new highs, DOW +32
Overnight the Asian markets gained 0.3%. Europe opened higher and gained 0.2%.US index futures were higher overnight, and the market opened 5 points above Wednesday’s SPX 2597 close. In the opening minutes the SPX dipped to 2601, then rose to 2604 in the afternoon. After that the market dipped to end the week at SPX 2602.
For the day the SPX/DOW gained 0.15%, and the NDX/NAZ gained 0.35%. Bonds lost 5 ticks, Crude rose 85 cents, Gold slipped $3, and the USD was lower. Medium term support remains at the 2594 and 2575 pivots, with resistance at the 2632 pivot.
The market opened at a new high today, dipped, and then moved higher. The short term count, from the Minute iv SPX 2557 low, remains: 2590-2578-2604. We’re beginning to think this three wave advance may not be Pico or Nano waves, but Micro waves. More on this in the weekend update. Short term support is at the 2594 and 2575 pivots, with resistance at the 2632 pivot. Short term momentum is displaying a potential negative divergence, but no reversal in price yet. Best to your weekend and holiday shopping!
MEDIUM TERM: uptrend
LONG TERM: uptrend