SHORT TERM new highs then late pullback, DOW +103
Overnight the Asian markets gained 0.4%. Europe opened higher and gained 0.4% as well. US index futures were higher overnight. The market opened at SPX 2754, 6 points above yesterday’s 2748 close. Then after a small pullback to SPX 2548 the market began to rally. The rally continued until 2pm when the SPX hit 2759. Then a pullback into the close ended the day at SPX 2751.
For the day the SPX/DOW gained 0.25%, and the NDX/NAZ gained 0.05%. Bonds lost 15 ticks, Crude rose $1.20, Gold slid $6, and the USD was higher. Medium term support remains at the 2731 and 2656 pivots, with resistance at the 2780 pivot. Tomorrow: export/import prices at 8:30, then wholesale inventories at 10am.
The market opened at a new high today, pulled back to yesterday’s close, then hit another new high at SPX 2759. Quite a 9-month uptrend! No change in the short term count: 2590-2578-2658-2606-2759 … waves 1-2, i-ii-iii. Short term support is at the 2731 and 2656 pivots, with resistance at the 2780 pivot. Short momentum dropped from extremely overbought to neutral during the afternoon pullback. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend