Thursday update

(Before It's News)

SHORT TERM: lower open in choppy day, DOW -5

Overnight the Asian markets gained 0.3%. Europe opened higher and gained 0.7%. US index futures were higher overnight, and at 8:30 weekly jobless claims were reported higher: 258K v 241K. The market opened 4 points below yesterday’s SPX 2348 close, ticked down to 2343 in the opening minutes, then started to rally. At 10am new home sales were reported higher: 592K v 555K. The rally continued until 11:30 to SPX 2359, in hope that a healthcare bill would be passed in Congress today. When that hope began to fade the market started to pullback. At 3:30 the SPX hit 2343, then bounced to close at 2346.

For the day the SPX/DOW lost 0.05%, and the NDX/NAZ lost 0.15%. Bonds lost 1 tick, Crude slipped 35 cents, Gold dipped $2, and the USD was higher. Medium term support remains at the 2336 and 2321 pivots, with resistance at the 2385 and 2401 pivots. Tomorrow: durable goods orders at 8:30.

The market opened lower today, even after the futures were higher in overnight trading. The pullback was 5 points from yesterday’s close, then the market resumed its rally from yesterday’s SPX 2336 low. After rallying 23 points to SPX 2359 the market reversed and headed back to the lows of the day, after the healthcare bill stalled in Congress. It appears some version of the healthcare bill needs to get approved before the tax cut bill can be worked on. Which is what the markets are focusing on. Before we can be fairly certain the current pullback has ended, the market needs to rally 35+ points from the low. Short term support remains at the 2336 and 2321 pivots, with resistance at the mid-2350’s and the 2385 pivot. Short term momentum hit overbought today after yesterday’s positive divergence, and ended the day near oversold. Trade what’s in front of you!

MEDIUM TERM: uptrend

LONG TERM: uptrend

CHARTS: https://stockcharts.com/public/1269446/tenpp

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