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Friday update

Friday, February 24, 2017 14:18
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SHORT TERM: gap down opening then rebound, DOW +11

Overnight the Asian markets lost 0.4%. Europe opened lower and lost 0.8%. US index futures were lower overnight and the market gapped down to SPX 2353 at the open. The SPX had closed at 2364 yesterday. Right after the open the market started to rebound. At 10am consumer sentiment was reported higher: 96.3 v 95.7, and new home sales were reported higher: 555K v 536K. The market continued to move higher throughout the day, turning positive in the last hour and closing at SPX 2367.

For the day the SPX/DOW gained 0.10%, and the NDX/NAZ gained 0.20%. Bonds gained 17 ticks, Crude slid 40 cents, Gold rose $8, and the USD was higher. Medium term support remains at the 2336 and 2321 pivots, with resistance at the 2385 and 2411 pivots. Today the WLEI was reported lower: 60.5% v 61.1%, and the Q1 GDP estimate was reported unchanged at 2.4%.

The market gapped down at the open for the second Friday in a row. Last week the market hit its low in the first few minutes, then rallied to close the gap and end at the high of the day. Today the market also made its low in the opening minutes, rallied, and also made its high at the end of the day. While the market did pullback 15 points from yesterday’s SPX 2368 high it still did not register an RSI oversold condition today. Relentless uptrend. Best to your weekend, weekend update tomorrow am.

MEDIUM TERM: uptrend

LONG TERM: uptrend


Filed under: Updates


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