SHORT TERM: gap up opening starts week, DOW +89
On Sunday FED vice chair Fischer gave this speech: http://www.federalreserve.gov/newsevents/speech/fischer20161009a.htm. Overnight the Asian markets gained 0.1%. Europe opened higher and gained 1.1%. US index futures were higher overnight, and the market gapped up to SPX 2164 at the open. The SPX had closed at 2154 on Friday. In the opening minutes the SPX hit 2170, and then started to pullback. The pullback lasted the rest of the day as the market closed at SPX 2164.
For the day the SPX/DOW gained 0.45%, and the NDX/NAZ gained 0.65%. Bonds lost 9 ticks, Crude rose $1.40, Gold gained $4, and the USD was higher. Medium term support remains at the 2131 and 2116 pivots, with resistance at the 2177 and 2212 pivots.
The market gapped up at the open, hit SPX 2170, then pulled back for the rest of the day. Despite the rally today, the count posted over the weekend remains unchanged. Should the market rally higher then Minute B of Minor C may still be underway. If not, then Minute C should kick in soon. Short term support remains at SPX 2142/45 and the 2131 pivot, with resistance at the 2177 pivot and SPX 2194. Short term momentum hit overbought during today’s open then ended the day at neutral. Best to your trading!
MEDIUM TERM: choppy downtrend
LONG TERM: uptrend
Filed under: Updates