Tuesday update
SHORT TERM: lower open pullback, DOW -51
Over the holiday Asian markets gained 0.5%, European markets gained 0.2%, and US index futures were lower. At 8:30 personal income/spending were reported higher, and the CPI was reported higher. At 9am Case-Shiller was reported higher too. The market opened 6 points below Friday’s SPX 2416 close, then ticked down to 2409 just past 10am. At 10am consumer confidence was reported slightly lower. After a rebound to SPX 2415 by noon the market went into a trading range for the rest of the day, closing at 2413.
For the day the SPX/DOW lost 0.20%, and the NDX/NAZ gained ended mixed. Bonds rose 9 ticks, Crude slipped 20 cents, Gold dipped $4, and the USD was lower. Medium term support remains at the 2411 and 2385 pivots, with resistance at the 2428 and 2444 pivots. Tomorrow: the Chicago PMI at 9:45, pending home sales at 10am, then the FED’s beige book at 2pm.
The market opened lower today, traded down to SPX 2409, bounced to 2415, then remained in that tight range for the rest of the day. The OEW 2411 pivot is providing support. No change on the short term count from the 2329 downtrend low: 2406-2353-2419 so far. The rally from SPX 2353 has not had any notable reversals yet. Maybe one is underway now. Short term support remains at the 2411 and 2385 pivots, with resistance at the 2428 and 2444 pivots. Short term momentum ended the day around neutral. Best to your trading! The Swarm is next.
MEDIUM TERM: uptrend
LONG TERM: uptrend
CHARTS: https://stockcharts.com/public/1269446/tenpp
Filed under: Updates
Source: https://caldaro.wordpress.com/2017/05/30/tuesday-update-596/
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