Wednesday update

(Before It's News)

SHORT TERM: gap up opening then reversal, DOW -41

Overnight the Asian markets gained 0.4%. Europe opened lower and lost 0.2%. US index futures moved higher overnight, and at 8:15 the ADP was reported higher: 263K v 245K. The market gapped up at the open to SPX 2368 and continued to rally. At 10am ISM services were reported lower: 55.2% v 57.2%. At 10:30 the market reached the cusp of the 2385 pivot range then pulled back to 2369 by 11:30. Another rally took the SPX back to 2378 by 1:30, then the market started to pullback again. At 2pm the FED released: https://www.federalreserve.gov/monetarypolicy/fomcminutes20170315.htm. Then the market started to selloff. At 3:30 the SPX hit 2351, bounced to 2357, then closed at 2353.

For the day the SPX/DOW lost 0.25%, and the NDX/NAZ lost 0.50%. Bonds gained 6 ticks, Crude slipped 20 cents, Gold ended flat, and the USD was lower. Medium term support remains at the 2336 and 2321 pivots, with resistance at the 2385 and 2411 pivots. Tomorrow: weekly jobless claims at 8:30.

The market gapped up at the open today for the first time in two weeks. The opening jumped over Monday’s SPX 2366 high, then cleared the resistance at SPX 2370. After that the market rallied to the 2385 pivot range and ran into new resistance. After a pullback and then rally back to SPX 2378, the market sold off following the release of the FOMC minutes. The FED had discussed, along with rate increases, reducing its balance sheet starting this year. In the last two hours of trading the market gave back its entire 18-point gain for the day, turned negative, and ended the day negative. The market continues to struggle to make upside progress, and the activity from the recent SPX 2322 low looks choppy. Typical activity in an ongoing downtrend. Short term support is at the 2336 and 2321 pivots, with resistance at the 2385 and 2411 pivots. Short term momentum ended the day oversold. Trade what’s in front of you!

MEDIUM TERM: uptrend under pressure

LONG TERM: uptrend

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

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