SHORT TERM: lower open then rally, DOW +172
For the past three days the Asian markets have gained 0.3%, and the European markets have been mixed. The US market traded down to SPX 2795 on Monday, rallied to SPX 2830 before reversing down to 2811 on Tuesday, then rallied to SPX 2848 on Wednesday. A strong week thus far.
We are still seeing three waves up from the SPX 2692 low in June: 2743-2699-2848. Quite a strong third wave now. Certainly looks like this market is impulsing. Short term support is now at the 2835 and 2798 pivots, with resistance at the 2858 and 2884 pivots. Short term momentum ended the day extremely overbought. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend