SHORT TERM: higher open – then decline, DOW -81
So far this week the Asian markets have lost 0.3%, and the European markets have lost 0.5%. US markets started the week at SPX 2819, dropped to 2798 on Monday, hit 2826 today, and then dropped to 2806 in the afternoon before closing at 2813. Not much progress here, or elsewhere this week.
We continue to look for the elusive impulse wave. The rally from late-June at SPX 2692 offers our best opportunity to date. Thus far we have four waves: 2743-2699-2848-2798, and a rally to 2826. If the rally can continue, before dropping back to 2798, and hit 2848 or higher we have out first impulse wave of the April uptrend. If the SPX fails to make higher highs, then a drop back to 2743, and lower, will likely follow. Inflection point.
Short term support is at the 2798 and 2780 pivots, with resistance at the 2835 and 2858 pivots. Short term momentum ended the day around neutral. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend