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Overnight the Asian market lost 0.1%. Europe opened higher and gained 0.9%. US index futures were lower overnight. At 8:30 weekly jobless claims were reported higher and the Philly FED higher. The SPX opened at 2718, 4-points below yesterday’s close, then dropped to 2714. After that the market rallied to SPX 2732 by 11am, with 10am posting higher leading indicators. Then the market dropped to SPX 2711 by 2pm. A rebound into the close ended the day at SPX 2720.

For the day the SPX/DOW lost 0.15%, and thee NDDX/NAZ lost 0.30%. Bonds lost 3 ticks, Crude added 10 cents, Gold rose $1, and the USD was higher. Medium term support remains at the 2656 and 2632 pivots, with resistance at the 2731 and 2780 pivots.

The market opened lower today and resumed its choppy action for the week. Monday: 2742, Tuesday: 2702, Thursday: 2732, 2711 … A couple of swings with no net progress. Still have just three waves up from SPX 2595, corrective so far, and waiting for a short term breakout/breakdown. All the action from early-April, and SPX 2554, looks corrective. Short term support is at the 2656 and 2632 pivots, with resistance at the 2731 and 2780 pivots. Short term momentum ended the day with a negative divergence. Best to your Opex trading!

Overnight US index futures were lower, and at 8:30 retail sales and the NY FED were reported higher. Nevertheless the market gapped down at the open to SPX 2715, and continued down to 2704 by 10am. At 10am the Home builders index was reported higher. A rallied followed to SPX 2716 by 10:30, then the market entered a choppy trading range between 2702 and 2715 for the rest of the day. Ending the day with a bounce to SPX 2711.

For the day the SPX/DOW lost 0.75%, and the NDX/NAZ lost 0.95%. Bonds lost 24 ticks, Crude added 50 cents, Gold dropped $28, and the USD was higher. Medium term support remains at the 2656 and 2632 pivots, with resistance at the 2731 and 2780 pivots. Tomorrow: housing starts, building permits at 8:30, then Industrial production at 9:15.

After a rally on Monday, when the SPX rose to 2742, between the 2731 pivot and the 2750 trend line resistance. The market closed under the pivot on Monday, then gapped down to open Tuesday. Index trading was mostly to the downside on Tuesday, as the 10YR resumed heading lower with yields rising to 7-year highs. The stock market rallied recently as yields hovered slightly above and below 3%. With yields on the rise again, equities are again feeling selling pressure. The three scenarios noted on Thursday are still in tack, and are posted on the SPX hourly/daily and DOW daily charts. The triangle scenario remains the preferred short term count. Short term support is at the 2656 and 2631 pivots, with resistance at the 2731 and 2780 pivots. Short term momentum displayed a negative divergence yesterday, hit oversold today, then bounced higher. Best to your trading!

The week started at SPX 2663. After a gap up opening Monday the market rallied to SPX 2683. On Tuesday it pulled back to SPX 2655. Then it rallied for the rest of the week, reaching SPX 2733 on Friday, and closing at 2728. For the week the SPX/DOW gained 2.35%, and the NDX/NZ gained 2.70%. Economic reports for the week were nearly all positive. On the downtick: consumer credit. On the uptick: the CPI/PPI, export/import prices, plus the budget surplus rose. Next week’s reports include industrial production, the NY/Philly FED, and retail sales. Best to your week!

After a 10-month uptrend from March 2017 to January 2017, the market pulled back and has spent the past three months in a relatively wide trading range. The first selloff into a February low looked like the correction could have ended. It did not, as the uptrend that followed was quite choppy. Then after a retest of that low in early-April that opportunity arose again. But so far the same reaction in this uptrend: choppy action. This unfortunately allows for a number short term counts. We have been tracking three, which will be noted below.

In the meantime the early-2016 (five Intermediate wave: one Major wave) bull market continues to unfold. Int. waves i and ii completed in the spring of 2016. Int. iii then divided into five Minor waves. Minor waves 1 and 2 completed in the falloff 2016, and Minor waves 3 and 4 completed in the spring of 2017. After that there was the lengthy 10-month Minor wave 5 uptrend, which ended in January 2018 and completed Int. iii. Int. wave iv has been underway since then. When it concludes Int. v should take the market to all-time new highs.