SHORT TERM: lower open choppy day, DOW -55
Overnight the Asian market lost 0.1%. Europe opened higher and gained 0.9%. US index futures were lower overnight. At 8:30 weekly jobless claims were reported higher and the Philly FED higher. The SPX opened at 2718, 4-points below yesterday’s close, then dropped to 2714. After that the market rallied to SPX 2732 by 11am, with 10am posting higher leading indicators. Then the market dropped to SPX 2711 by 2pm. A rebound into the close ended the day at SPX 2720.
For the day the SPX/DOW lost 0.15%, and thee NDDX/NAZ lost 0.30%. Bonds lost 3 ticks, Crude added 10 cents, Gold rose $1, and the USD was higher. Medium term support remains at the 2656 and 2632 pivots, with resistance at the 2731 and 2780 pivots.
The market opened lower today and resumed its choppy action for the week. Monday: 2742, Tuesday: 2702, Thursday: 2732, 2711 … A couple of swings with no net progress. Still have just three waves up from SPX 2595, corrective so far, and waiting for a short term breakout/breakdown. All the action from early-April, and SPX 2554, looks corrective. Short term support is at the 2656 and 2632 pivots, with resistance at the 2731 and 2780 pivots. Short term momentum ended the day with a negative divergence. Best to your Opex trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend