friday update

SHORT TERM: mixed session ends the week, DOW +81

Overnight the Asian markets lost 0.3%. Europe opened higher but closed mixed. US index futures were lower overnight, until the Payrolls report came in better than expected at 8:30: +146K vs +171K. The market opened higher at SPX 1418, and hit 1420 in the first few minutes. After that the market started to pullback. At 10:00 Consumer sentiment was reported lower: 74.5 vs 82.7. The pullback continued until 11:00 when the SPX hit 1411. Then the market tried to rally. At 3:00 Consumer credit was reported higher: +$14.2 bln vs +$11.4 bln. Heading into the close the SPX hit 1418 and closed there.

For the day the SPX/DOW were +0.45%, and the NDX/NAZ were -0.50%. Bonds lost 10 ticks, Crude slipped 20 cents, Gold rose $6, and the USD was higher. Medium term support remains at the 1386 and 1372 pivots, with resistance at the 1440 and 1499 pivots. Today the WLEI was reported slightly higher: 53.6% vs 53.4%. Investor sentiment was recently reported bearish: 48.6% vs 49.9%.

The market opened higher today, broke through the SPX 1406-1416 trading range, then hit 1420 before heading down to 1411. The upside breakout was a positive, suggesting this rally, from SPX 1343 and recently 1398, is resuming. Now we enter the interesting part of this probable uptrend. More on this in the weekend update.

Short term support moves up to SPX 1413/16 and 1402/03, with resistance at SPX 1422/27 and the 1440 pivot. Short term momentum ended the week overbought. The short term OEW charts remain positive with the swing level now at SPX 1409. Best to your weekend!

MEDIUM TERM: uptrend probably underway

LONG TERM: bull market nearing inflection point

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

About tony caldaro

Investor
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10 Responses to friday update

  1. M1 says:

    Thanks, Tony.
    It looks like we will have another interesting weekend update.
    GL

  2. robslob64 says:

    Bought more AAPL at 531…for better or worse.

  3. pas1968 says:

    Hi Tony
    In relation to Apple, what kind of near term price action would make you medium term bearish?
    If, say, in next several days AAPL closes below its November low, do you think chances increase for a further sell off?
    Cheers, Paul

    • tony caldaro says:

      Paul,
      If AAPL takes out the $518 low it’s heading lower.

    • budfox9450 says:

      Wish to share my view. I suggest, that Tony’s (a) at 505, and (b) at 594.
      Is the correct pattern. With that said, My BoYu indicator remains on
      a sell signal, but is getting to be very oversold. My price low range
      is $497-468. With my target est. at $482. Tony’s weekly chart is Bullish
      for the longer term. It is a great chart – thanks Tony – my PO high is $779….

  4. budfox9450 says:

    Have a great weekend, Tony….

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