SHORT TERM: higher open, DOW +79
For the first three days of the week Asian markets have been marginally higher, and European markets up about 1%. The SPX opened slightly higher on Monday, dipped to 2789 by Tuesday morning, then hit an new uptrend high at 2817 today. Since the beginning of July this uptrend continues to make steady upside progress.
The SPX is now only 2% from its all-time high, which would be the minimum requirement to complete Int. v, Major 1, and the bull market. The NDX/NAZ have already made new all-time highs repeatedly during this uptrend. The other three indices we are watching: the DOW, the NYSE and the DJ World index, are also in the 5th wave up of their bull market. However, these three indices are 6% from their all-time highs: 6%! Cannot see them rising 6%, which they should do, without the SPX participating. If we add 6% to 2817 we get SPX 3000.
Short term support is at the 2798 and 2780 pivots, with resistance at the 2835 and 2858 pivots. Short term momentum ended the day overbought. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend