SHORT TERM: gap up opening, DOW +157
For the first three days of the week Asian markets have gained 0.3%, and European markets have gained 1.7%. The US started the week at SPX 2633. On Monday it opened slightly lower, then pulled back to its lowest level of this Int. A correction: SPX 2583. After hitting that level the market quickly rebounded to end positive on the day. On Tuesday a gap up opening drove the SPX to 2674 in the opening hour, but then it sold off to SPX 2621. Another rally to SPX 2660 was also sold off to SPX 2637. Wednesday another gap up opening, which carried the SPX to 2685. Then of course another pullback, this time to SPX 2651 where it closed.
From Monday’s potentially Int. A SPX 2583 low, the market has tried to establish a new uptrend. Thus far the rally has been quite choppy: 2674-2621-2660-2637-2685-2650. Certainly not impulsive. But a B wave rally does not have to been impulsive. These last couple of days the NDX/NAZ has been leading and the DOW has been lagging. If the growth sector wins out in the end, an Int. wave B could be well underway. Short term support is at the 2632 and 2594 pivots, with resistance at the 2656 and 2731 pivots. Short term momentum is working off a negative divergence at today’s highs and has dropped to below neutral. Best to your trading!
MEDIUM TERM: downtrend
LONG TERM: downtrend probable
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