Wednesday update
SHORT TERM: market opens higher, DOW +159
The first three days of this week displayed Asian markets rallying 0.6%, and European markets rallying 0.7%. The SPX opened flat on Monday at 2905, then dipped to 2886 late in the day. Tuesday and Wednesday the market opened higher as the SPX hit 2912 Wednesday. While this all looks and sounds good, there is something else that is noteworthy. Some would call it rotation.
As of this writing the DOW is +1.1% for the week, the SPX +0.1%, and the NDX/NAZ -0.9%. The only index, of the major four, to exceed its August high has been the DOW. Yes the DOW still needs to make a new all-time high. It’s less than 1% away. It appears, however, the DOW is the only index trying to make new highs, and the other three are just being dragged along by the DOW. But what happens after the DOW makes new highs? Quarterly options expiration this Thursday/Friday, should be volatile. Short term support at the 2884 and 2858 pivots, with resistance at the 2929 pivot. Short term momentum displays a slight negative divergence. Best to your trading!
MEDIUM TERM: uptrend inflection point
LONG TERM: uptrend
CHARTS: https://stockcharts.com/public/1269446/tenpp
Source: https://caldaro.wordpress.com/2018/09/19/wednesday-update-637/
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