SHORT TERM: higher open and new highs, DOW -4
Overnight the Asian markets gained 1.4%. Europe opened higher but gained only 0.2%. US index futures were higher overnight, and the market opened 2 points above yesterday’s SPX 2833 record close. In the opening minutes the SPX hit 2839, then dipped to 2831 by 10am. Another rally pushed the SPX to 2842 by 11am. Then the market went into a trading range and ended the day at SPX 2839.
For the day the SPX/DOW were mixed, and the NDX/NAZ gained 0.75%. Bonds gained 12 ticks, Crude rose $1.20, Gold added $, and the USD broke 90. Tomorrow: existing home sales at 10am.
After yesterday’s big rally SPX: 2810-2833, the market opened at 2835 and then made an all time high at 2839. After a small pullback the market rallied to another new high at SPX 2842. Relentless uptrend. The SPX has gained 22% just during this uptrend alone. The short term count remains unchanged Micro waves: 2665-2625-2842 so far. Still waiting for Micro 3 to complete. Then a Micro 4 down and Micro 5 up to end this lengthy uptrend. Short term support is at the 2835 and 2790 pivots, with resistance at the 2858 and 2884 pivots. Short term momentum ended the day overbought. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend