From MrSwing.com friday update Tony - May 17, 2008 SHORT TERM: market opens mixed, closes mixed, DOW -6 insert.a.chart.DOW Overnight the Asian markets were mixed, but Europe closed +0.90%. US index futures traded slightly higher overnight, when at 8:30 Housing starts were reported to have jumped 8.2% in April. Single family homes fell 1.7%, declining for the 12th straight month, while apartment construction surged 36%. Obviously to house the families losing their houses to foreclosure. The market opened slightly higher, after this odd report, to SPX 1425. A pullback followed, and continued after the UoM reported Consumer sentiment had dropped in May to its lowest level since May 1980. By 11:00 the market touched its low for the day at 1414, and rallied to a slightly higher uptrend high (1426) just before the close. For the day the SPX/DOW were mixed, and the NDX/NAZ were -0.10%. Bonds were flat, Crude made a new high +$.2.25, Gold surged $22.50, and the Euro rallied. Support for the SPX remains at 1410 and then 1383, with resistance at 1438 and then 1462. Short term momentum was slightly overbought entering the close, as were the near term indicators. Best to your weekend! MEDIUM TERM: uptrend ekes out another high at SPX 1426 LONG TERM: bear market © Copyright 2008 by MrSwing.com