SHORT TERM: gap up opening, DOW +206
Overnight the Asian markets ended mixed. Europe opened lower and lost 0.2%. US index futures were higher overnight. At 8:30 the PPI was reported lower and weekly jobless claims were higher. After pulling back to SPX 2736 by Wednesday morning, the market rallied to nearly unchanged. Today the market gapped up at the open to SPX 2755, hit the high at 2759 by 10am, then dipped to 2753 by 10:30. Then the market rallied to new highs. Heading into the close the SPX hit a new high 2768 and closed there.
For the day the SPX/DOW gained 0.75%, and the NDX/NAZ gained 0.75%. Bonds gained 1 tick, Crude was flat, Gold rose $4, and the USD was lower. Medium term support remains at the 2731 and 2656 pivots, with resistance at the 2780 pivot. Tomorrow: the CPI and retail sales at 8:30, then business inventories at 10am.
The market gapped up at the open today reversing yesterday’s gap down opening. Then it rallied to new all-time highs in the afternoon. The count we posted Tuesday continues to extend from SPX 2557. Now we can see an ongoing 9-waves up from SPX 2606 on a shorter timeframe. Closing in on the end of Nano iii? Short term support is at the 2731 and 2656 pivots, with resistance at the 2780 pivot. Short term momentum ended the day overbought. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend