SHORT TERM: quiet day, DOW -22
Overnight the Asian markets gained 0.4%. Europe opened higher and gained 0.2%. US index futures were relatively unchanged overnight, and the market opened unchanged at SPX 2373. After a tick up to SPX 2374 in the opening minutes the market started to pullback. At 11:30 the market hit SPX 2369, then started drifting back up. Heading into the close the SPX hit 2374 and closed at 2373.
For the day the SPX/DOW were mixed, and the NDX/NAZ gained 0.20%. Bonds lost 9 ticks, Crude slipped 10 cents. Gold was flat, and the USD was higher. Medium term support remains at the 2336 and 2321 pivots, with resistance at the 2385 and 2411 pivots. Tomorrow: the PPI at 8:30, and the FED starts its 2-day FOMC meeting.
The market opened unchanged today, ticked up one point, then spent the rest of the morning drifting sideways to lower. After that a bounce into the close ended the day unchanged. A Nor’easter in NYC and lots of important economic data ahead probably contributed to the quiet trading. Not much has changed coming off the potential SPX 2355 Nano iv was low. Thus far we have a rally to SPX 2377, a pullback to 2363, and another rally to 2374. Market needs to clear SPX 2377 next to get this potential Nano wave v on its way. Short term support is at SPX 2353/55 and the 2336 pivot, with resistance at the 2385 pivot and SPX 2401. Short term momentum spent the whole day just above neutral. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend
Filed under: Updates