Friday update
SHORT TERM: choppy day digesting weak earnings, DOW +21
Overnight the Asian markets gained 0.1%. Europe opened lower and lost 0.3%. US index futures were lower overnight and the market opened down seven points from yesterday’s SPX 2091 close. Right after the open the market rallied to SPX 2094 by 10am. Then another pullback took the SPX down to 2081 by 10:30. After that the market started to work its way higher. Heading into the close the SPX hit 2093, then closed at 2092.
For the day the SPX/DOW were +0.05% , and the NDX/NAZ were -1.10%. Bonds lost 4 ticks, Crude rose 55 cents, Gold dropped $15, and the USD was higher. Medium term support remains at the 2085 and 2070 pivots, with resistance at the 2131 pivot. Today the WLEI was reported higher: 53.5% v 52.5%.
The market opened lower today, hit SPX 2081 in the first hour of trading, then rebounded for the rest of the day. Considering yesterday’s after hours earnings disappointment the cyclicals held on well today. From the recent SPX 2111 high the market has declined to 2081, and now rallied to 2093 for two waves down from the high. Short term support remains at the 2085 and 2070 pivots with resistance at SPX 2104 and SPX 2116. Short term momentum bounced from quite oversold to end the week at neutral. Best to your weekend!
MEDIUM TERM: uptrend
LONG TERM: bear market rally
CHARTS: https://stockcharts.com/public/1269446/tenpp
Filed under: Updates
Source: https://caldaro.wordpress.com/2016/04/22/friday-update-492/
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