Thursday update

SHORT TERM: higher open in sideways session, DOW +6

Overnight Asian markets gained 0.1%. Europe opened lower and lost 0.4%. US index futures were higher overnight. At 8:30 weekly jobless claims were reported higher: 257k v 243k, and durable goods were reported lower: 0.7% v 2.3%. The market opened 2 points above yesterday’s SPX 2387 close, then moved up to 2391 just past 10am. At 10am pending home sales were reported lower: -0.8% v 5.5%. Around noon the SPX hit 2383 and then started to rally. By 1pm the SPX hit 2392, then dipped to close at 2389.

For the day the SPX/DOW gained 0.05%, and the NDX/NAZ gained 0.45%. Bonds added 3 ticks, Crude lost 40 cents, Gold dropped $5, and the USD was higher. Medium term support remains at the 2385 and 2336 pivots, with resistance at the 2411 and 2428 pivots. Tomorrow: Q1 GDP (est. 0.9%) at 8:30, the Chicago PMI at 9:45, then consumer sentiment at 10am.

The market opened higher today, hit SPX 2391, dipped to 2383, then hit 2392, before settling at 2389. Tech stocks were bid up ahead of after hours earnings. Cyclicals stayed in a trading range ahead of tomorrow’s Q1 GDP report. No change on the count: three waves up from SPX 2329 to 2398. Can be a 1-2-3 or an a-b-c. The recent SPX 2398-2383 pullback is notable, but thus far not significant. Interesting bifurcation between the cyclicals and the techs continues. Short term support remains at the 2385 pivot and SPX 2369, with resistance at SPX 2401 and the 2411 pivot. Short term momentum hit oversold today at the low then drifted up. Best to your trading!

MEDIUM TERM: close to confirming an uptrend

LONG TERM: uptrend

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

Filed under: Updates