SHORT TERM: consolidation continues, DOW +4
Overnight the Asian markets lost 0.2%. European markets opened lower and lost 0.3%. US index futures were relatively flat overnight. At 8:30 Q2 GDP was revised upward: +1.7% vs +1.5%. The market opened one point higher than yesterday’s SPX 1409 close. In the first few minutes it bounced to SPX 1412, and then started to pullback. At 10:00 Pending home sales were reported higher: +2.4% vs -1.4%. Around 11:00 the SPX reached 1407, was short term oversold, and started to rally. The rally continued until 2:00 when the SPX hit 1414 and the FED released the beige book: http://www.federalreserve.gov/monetarypolicy/beigebook/beigebook201208.htm. After that the market pulled back into a SPX 1410 close.
For the day the SPX/DOW were +0.05%, and the NDX/NAZ were +0.10%. Bonds slipped 3 ticks, Crude dropped $1.25, Gold slid $11 and the USD was higher. Medium term support for the SPX remains at the 1386 and 1372 pivots, with resistance at the 1440 and 1499 pivots. Tomorrow: weekly Jobless claims, Personal income/spending and PCE prices all at 8:30.
The market opened slightly higher again today, pulled back to within one point above yesterday’s SPX 1406 low, rallied to yesterday’s 1414 high, and then pulled back again into the close. The consolidation continues, despite the Q2 GDP report and the FED’s beige book. Over the past four trading days the SPX has closed at 1411, 1410, 1409 and now 1410. We may now need to wait until after Labor day to resume the uptrend.
Short term support remains at SPX 1402/03 and the 1386 pivot, with resistance at SPX 1413/15 and 1422/27. Short term momentum dipped to oversold today, bounced above neutral, then dipped down again. The short term OEW charts are now at neutral with the swing point still SPX 1410. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: bull market
Hey Tony
I see ur new support line on the 60 min SPX
Every bear wants a pop to short every bull wants a rally to cover.
I’m seeing guys claim they have swing shorts on now out of no where on the blogosphere.
CL moved $4 and change from the resistance at todays low ..it’s an overlapping drama queen
Have a great holiday !
shorts are good … even if out of nowhere
Haaa tru dat
Don’t forget guys one of the EWT guidelines: wave 4 usually travels into the zone of wave 4 of lesser degree. You can see it clearly on Tony’s chart. Thank you Tony.
thank you guys! Appreciate us help!
ur help, sorry
)
Mike – you really think this stock market is boring? That, probably mean’s,
you would not like the Shanghia market, either then….hmmm
Thanks for the replies gents !
http://www.youtube.com/watch?v=-Lza3NVH6Ig per the counts
ESU …did not make a new low with SPX and DJIA yet
anybody try buying a dip ?
all righty then….
ltr guys
http://hint.fm/wind/
For better or worse I did. Wish me luck
Best
Dave
a little early! starting to pray
If u can get em back above SPX 1407 put ur foot on their necks Dave ! Buy stops are @ 1404
GL !
thx Lee
Yes, when SP reached below 1388-1384…..Bud
So ur long already Bud ? Or thats where ur buying? Thanks
Got it !
Thanks Bud
I bought a small starter position of s&ps. Tight stop as we are close to a Dow overlap. I’m looking at Nasdaq as well but haven’t pulled trigger yet.
No, not long now. But you asked if anyone was buying the dip -
and I suggested 1388-1384 on SP. I am looking to enter
the TBT,near 14.90-15, or SSO…..
You bet
Tony, you previously mentioned an example of a previous time when SPX traded in a similar fashion to what it has recently. What was that example you used? Cheers.
For the past 8 trading days the market has remained between SPX 1394 and 1410: just barely more than a 1% swing. We checked the weekly charts looking for a similar situation: a tight trading range and declining volume. And sure enough we found another period, such as this, during Major wave 3 of Primary I. That uptrend appeared to have stalled, while gradually creeping up, in December 2010. After the holidays ended the market took off to the upside. Labor Day is a bit more than two weeks away. 8/15 Tony
Hi Tony
I’ve seen software that gives this count. Is it a valid alternative count?
http://scharts.co/TdropU
Thanks.
Parker … that’s bad programming
Parker,
Really miss your leadership and succinct reporting over at t-theory.
Parker,
Miss your insights as well.
Thanks Fellas!
Turtle Trend Analysis: INDIAN NIFTY FUTURE last traded price: 5274.65. Current 30-minute Trend: Down, Dynamic Trend SL: 5321.35. Visit http://stockmaniacs.net/blog/what-is-turtle-trading-system-download-free-amibroker-formula/
grinds up then a pull back (22), follow by the last hurrah for the recovery high (23). Need -DIV in the coming weeks..
Thanks 4 the architectural update, i3.
got charts?
Hi CB, we are 21 (LS) in progress. You will know it when you see a H&S with – DIV.
The pic is not the price, rather an indicator which yields a better visual for me, at least. The red line is not absolute in time, rather how it would look like.
China really went down in the toilet..: ) I remember a China bull here.. : )
http://www.flickr.com/photos/69752877@N08/7891806094/sizes/l/in/photostream/
Cool stuff. Gracias I3 & Good to hear from you. Sometimes its better to have a bit of amnesia …lol
Condi for President
Maybe if we take out the weeks low it might shake things up?
The only thing more boring than this market is the Republican national convention. Don’t slam me. The Dems’ national convention will be just as boring. Boring infomercials. Let’s hope we see SPX 1465 by then though. Go Redskins! (BTW, thanks Tony!)