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Monday update

Monday, February 27, 2017 14:48
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(Before It's News)

SHORT TERM: lower open then new highs, DOW +16

Overnight the Asian markets lost 0.5%. Europe opened higher and gained 0.1%. US index futures were lower overnight, and at 8:30 durable goods were reported higher: 1.8% v -0.4%. The market opened two points below Friday’s SPX 2367 close, dipped to 2362, and then started to rise. Heading into the last hour, with only a 4 point pullback along the way, the SPX hit 2372. Then dipped to SPX 2370 to end the session.

For the day the SPX/DOW gained 0.10%, and the NDX/NAZ gained 0.20%. Bonds lost 15 ticks, Crude rose 5 cents, Gold slid $5, and the USD was higher. Medium term support remains at the 2336 and 2321 pivots, with resistance at the 2385 and 2411 pivots. Tomorrow: Q4 GDP (est. 2.0%) and wholesale inventories at 8:30, the Chicago PMI at 9:45, then consumer confidence at 10am.

The market opened slightly lower today, pulled back 5 points from Friday’s SPX 2367 close, then started to eke out new all-time highs. Meanwhile the DOW recorded its 12th consecutive record close, one shy of its all-time 120-year record of 13 in January 1987. After the lower open the market rallied to a new high at SPX 2369, pulled back 4 points, then hit 2372 in the last hour of trading. The Micro 3 rally from SPX 2257 continues. Short term support is at SPX 2353 and the 2336 pivot, with resistance at the 2385 and 2411 pivots. Short term momentum ended the day with another negative divergence, but no weakness yet. Best to your trading!

MEDIUM TERM: uptrend

LONG TERM: uptrend

CHARTS: https://stockcharts.com/public/1269446/tenpp

Filed under: Updates



Source: https://caldaro.wordpress.com/2017/02/27/monday-update-537/

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