Tuesday update
SHORT TERM: gap up opening, DOW +100
Overnight the Asian markets were mixed. Europe opened higher and gained 0.7%. US index futures were higher overnight, and at 9am Case-Shiller was reported higher. The market gapped up to SPX 2479, a new high, ticked up to 2480, then dipped to 2475 by 10am. At 10am consumer confidence was reported higher. Then the market started to drift up ahead of the MTP vote. At noon the SPX hit 2481, then pulled back to close at 2477.
For the day the SPX/DOW gained 0.40%, and the NDX/NAZ were mixed. Bonds lost 19 ticks, Crude rose $1.55, Gold slipped $4, and the USD was higher. Medium term support remains at the 2456 and 2444 pivots, with resistance at the 2479 and 2525 pivots. Tomorrow: new home sales at 10am, then the FOMC statement at 2pm.
The market gapped up at the open, hit a new all-time high, dipped, and then made a marginal higher high. While it was an impressive, earnings driven, open the market did not have the strength to clear the OEW 2479 pivot range, despite the affirmative MTP vote in the afternoon. Nevertheless, we now have 5 waves up on the very short-term count and still just 3 waves up on the short-term count. Looks like the market is waiting for another catalyst. FOMC tomorrow, and Q2 GDP Friday. Short term support remains at the 2456 and 2444 pivots, with resistance at the 2479 and 2525 pivots. Short term momentum was quite overbought at today’s highs. 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/2017/07/25/tuesday-update-603/
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