SHORT TERM: pullback continues, DOW -64
Overnight the Asian markets gained 0.8%. Europe opened lower and closed -0.6%. US index futures were higher overnight. At 8:30 Personal income was reported higher: +0.5% vs +0.2%, but Personal spending was unchanged: 0.0% vs 0.0%. PCE prices ticked higher 3.6% vs 3.5% as well. At 9:00 Case-Shiller reported an increase in month over month prices: $138.96K vs $135.91K. The market opened lower at SPX 1383, rallied to 1387 in the opening minutes, then pulled back to 1381 by 10:00. The SPX had closed at 1385 yesterday. At 10:00 the Chicago PMI was reported higher: 53.7 vs 52.9, and Consumer confidence was reported higher: 65.9 vs 62.0. The market rallied back to SPX 1387 by 11:30, then pulled back to 1380 by 1:00. Another rally attempt ended at 2:00 at SPX 1385, then the market made new lows for the day at 1379 and closed there.
For the day the SPX/DOW were -0.45%, and the NDX/NAZ were mixed. Bonds gained 6 ticks, Crude dropped $2.35, Gold slid $9, and the USD was lower. Medium term support remains at the 1372 and 1363 pivots, with resistance at the 1386 and 1440 pivots. Short term momentum barely touched oversold today. Tomorrow, the ADP index at 8:15, then ISM manufacturing and Construction spending at 10:00. In the early afternoon Auto sales, and then the FOMC statement at 2:15.
After hitting a new uptrend high at SPX 1392 yesterday, around 10:30, this market has remained in the 1380′s, except for today’s close. It appears to be on pause ahead of the FED’s FOMC statement tomorrow. As we noted yesterday, a pullback to the OEW 1372 pivot, or even the 1363 pivot, would be quite normal after a 60+ point rally.
Short term momentum appears to have some more room on the downside as well. Volatility is likely to increase after the FED’s statement, right into the ECB’s statement and press conference thursday.
Short term support remains at the 1372 and 1363 pivots, with resistance at the 1386 pivot and SPX 1402/03. Short term momentum is declining and just above oversold. The short term OEW charts remain positive with the swing point around SPX 1368. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: bull market
Dear friends Dow Jones reached our objective technical
link analysys :
http://www.partnerinvestimentos.blogspot.com
We had a good jobs # right? 163,000 new private jobs July. GOP has now blocked 19 jobs bills.
Tony’s pivot is on control 1386
GOP sent 36 jobs bills to Democratic Senate that Harry Reid won’t even bring up for a vote.
You know what the call a group of Baboons? A Congress. true
In China, there are no Democrates, or Republicans. Consider the future…Bud
Tony, Is the uptrend dead without the Gov. or just delayed. Thanks.
JZQ … not expecting anything from the FED until after the election
Yes, I remember now, you did say that.
good traders adapt
Hey Lee! we wanted the market to slow down a little but this is zzzzzzzzz. Let’s wake it up
Yo H D !
You guys have a blast today !
http://www.youtube.com/watch?v=XcYsO890YJY
I know one thing for sure, the regulators are going to need to do something about the robots and the shorts that are manipulating stocks to no end. Normally I dont bi tch about this stuff at all, but I think its becoming a major confidence problem for the american investors. Its also causing issues for public companies as well.
Market looks poised to break big one way or another today
http://www.youtube.com/watch?v=qElJUllRv5c
http://finviz.com/futures_charts.ashx?t=ZW&p=d1 looks just like http://finviz.com/futures_charts.ashx?t=CC
thanks HD, good point
anybody have any thoughts/opinions about the big swings in a few random stocks this morning at the open? lots of stories out there on it. not quite a flash crap type of event, but definitely some strange behavior. how many more instances of this can we get before something really bad happens…?
name a few of those stocks
headline just coming across the tape: “KNIGHT TELLS CLIENTS TO EXECUTE TRADES ELSEWHERE FOR NOW.”
some stocks includue GT, MTW, P, LVLT.
a story on it: http://www.reuters.com/article/2012/08/01/us-markets-stocks-idUSBRE86M08N20120801
bloomberg also has a story on it
KCG may be having internal problems
Alf Field wave count on gold. He has been right the vast majority of the time since 2000-2001. Shouldn’t have to wait long to see if he is correct in the near term.
http://www.jsmineset.com/2012/07/31/what-happened-to-gold-part-2/
thanks Ryan … just do not see that yet
Turtle Trend Analysis: INDIAN NIFTY last traded price: 5240.95. Current Hourly Trend: Up, Dynamic Trend SL: 5168.65. You may visit http://www.facebook.com/stockmaniacs?ref=ts. Visit http://stockmaniacs.net/blog/what-is-turtle-trading-system-download-free-amibroker-formula/
McClellan and Summation point to internal weakness
Market needs a big push
http://markettime.blogspot.ca/2012/07/s-500-july-31-2012.html
It looks like the market has completed a 5 wave sequence at today’s low. 1384 looks to be an important level. If the the market can break above that, 1393 would be the next resistance level, and then 1426. If the market should fall from here, I would think it is completing a complex corrective wave 2, that could take the market sustantialy lower. Support is at 1376, 1367, and then 1352.
Thanks,
Steve
http://5wavemodel.blogspot.com/2012/07/tuesdays-market-073112.html
7/31/12 Stock Market Update:
http://themarketsource.blogspot.com/
Tony,
Sorry for the late reply. Concerning my earlier post on QE3, I was not predicting but only confirming the scenerio.
Source?
Thank’s Tony
“The European Central Bank has its policy meeting this Thursday, and because of Mario Draghi’s comments last week, some action is expected. Draghi is set to come out with a plan that involves employing the SMP (securities market program) bond-buying program coupled with EFSF/ESM purchases of Spanish and Italian bonds on primary markets. The main plan, was also confirmed by Eurogroup president Jean-Claude Juncker according to Spanish daily El Pais.”
http://www.marketoracle.co.uk/Article35842.html
thanks Rob, we’ll see
ES – 31 July, 2012 closing re-cap
http://theincrementaltrader.blogspot.it/2012/07/realized-p-was-409.html