Short term: market ekes out new high, DOW - 5
Overnight Asian markets were all more elevated. Europe has opened more but closed mixed. U.S. future index are slightly lower overnight. The market opened relatively flat dipping SPX 1328 in minutes, then he rallies in 1331 by 10: 30. The SPX closed at 1329 Friday. A withdrawal followed in 1327 SPX at 11.00 am. Then the market has worked its way higher than a new Summit 1333 SPX just before closing and ended the day at 1332.
Day SPX/DOW were mixed and NDX and NAZ were + 0.25%. Bonds gained 1 tick gross lost 65 cents, or increased $6.00 and the USD was higher. Support for the SPX remains at 1313, then in 1303, with resistance in 1363, then 1372. Short term momentum dipped below overbought early in the day, but ends still more overbought in the end tomorrow, retail sales at 8: 30 a.m., with prices of import and export and the NY FED. Then at 10: 00 Business inventories and the NAHB, index housing. Also to the Governor from 10: 00 EDF Tarullo testifies before Congress on Dodd-Frank.
After flat opening this morning market retested its 1331 SPX high fired some return and then made a new bull market high. This increase in seven months continues to expand. The Earl of short-term remains intact in the SPX charts, yet the count displayed on the daily chart of the DOW gaining probability that this market increases. General short-term resistance remains SPX 1334, then the pivot of the OEW 1363. Short-term support now stands at SPX 1323 with OEW 1313-1303 pivots below which. There is a potential negative divergence forming on the hourly chart SPX RSI, but other that the workings of the market continues to look okay. Best for your business!
Medium term: new uptrend high @ SPX 1333
LONG term: market bull.
MAPS: http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1606987
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