Thursday update
SHORT TERM: another choppy day, DOW +9
Overnight the Asian markets lost 0.1%. Europe opened higher but finished mixed. US index futures were higher overnight, and at 8:30 weekly jobless claims were reported lower. The market opened 2-points above yesterday’s SPX 2433 close, ticked up to 2436, then started to pullback. At 10:30 the SPX hit the 2428 pivot, then rallied to 2439 by 12:30. The market then pulled back to SPX 2428 again by 3pm, then the market bounced to 2434 to end the day.
For the day the SPX/DOW gained 0.05%, and the NDX/NAZ gained 0.25%. Bonds lost 3 ticks, Crude lost 15 cents, Gold lost $9, and the USD was higher. Medium term support remains at the 2428 and 2411 pivots, with resistance at the 2444 and 2479 pivots. Tomorrow: wholesale inventories at 10am.
The market opened higher today, hit SPX 2436, then pulled back ahead of ex-FBI head Comey’s testimony. During and just after the testimony the SPX rallied to within 1-point of its all-time. Then in the afternoon it pulled back to the low of the day at the 2428 pivot again. The choppy activity since last Friday’s SPX 2440 high has still not been resolved. Maybe UK elections results, or maybe not, will be the catalyst. Short term support is at the 2428 and 2411 pivots, with resistance at the 2444 and 2479 pivots. Short term momentum hit overbought during today’s rally then dropped below neutral. 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/2017/06/08/thursday-update-584/
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