SHORT TERM: stocks rally, led by the Techs, but close mixed.
Stocks opened higher this morning following another blockbuster quarter reported by Apple last night. A small pullback followed until about 10:30, then the market generally edged higher for the rest of the day. The SPX/DOW/NDX/NAZ/R2K all made new bull market highs, and the SOX index trended higher again. While the Cyclicals seem to be taking a breather, the Techs have been leading the market. Apple held onto most of last nights gains, and Google had a good day as well. When the SPX nudged higher to 1498, it confirmed an ongoing extension in Minute wave three. I have updated the wave counts, down to the hourly charts, on the SPX/DOW/NDX/NAZ, and posted the SPX 15min chart. It appears there are now many waves to complete from current levels. Which would indicate some choppiness in the days ahead. Short term momentum is still a bit overbought. At the close the SPX/DOW were mixed, and the NDX/NAZ rose 0.35%. Bonds lost 1/2 point, Crude was 50 cents lower, Gold dropped $9.00 and the Euro was lower as well. Tomorrow Q1 GDP will be reported at 8:30, along with the Employment cost index. Then at 10:00 a Consumer sentiment reading. The uptrend continues to work its way higher.
The Presidential candidate debates begin tonight, for those who are interested, with the Democrats on MSNBC. Still very early in the nomination process, but I’m rooting for one of the candidates that is currently far behind the pack. Naturally, the most qualified candidate doesn’t always win. Maybe this time will be different. We need a change, and we need a knowledgable leader. Now, more than in the past several decades. Best to your evening!
MEDIUM TERM: bullish
LONG TERM: bullish.
thanks!! no overlap…
Hi Frank … Fibonacci, all my charts display Fibonacci MA\’s
Hi Thank your readers … Hope I have been of some help.
You should post your link in your message.
Hi Seb … no quite 1487 is the high for Nano wave 1.
The SPX should not reach this level during this pullback.
Hi Henry … funny thanks
Hi Roger … the market should get quite choppy in here, as several smaller waves need to complete.
A consolidation today would be good for the market. Don\’t see any potential 20 point drop as of yet.
Possibly after we finish Nano three, four and five … near the SPX 1500 level.
Tony,
guess we should be watching 1484, rite?
good luck to the voting!
Thanks, Seb
Hi Tony ,1)My
readers voted your blog to be the most interesting out of 5(most clicks)2)I posted my current gold count , My
count is like yours for the very short term I think, but as I type we just had a lower low for cbot. 673.6$ if my data is good.
Hi Tony,
Just curious (and I\’m still have so much to learn), why 34dma? Usually I see 5,10,20,50,200ma.
Frank
Hi Tony:
very confused about the makret here..so do you think this wave will carry the S&P to 1530 or are you looking for a decent pullback of 20 points or so on S&P and then move up to 1530?
or also like Frank mentioned, is it possible then we go to 1530 from here then the market pulls back for major wave 4 and then run for a higher target (the next resistance) which is all time highat 1553?
Roger
Hi Tony!
"I\’m rooting for one of the candidates that is currently far behind the pack"…ha, ha…sounds familiar
I have a perfect record..in 36 years of voting I have never voted for a canditate who won!
Henry