SHORT TERM: gap up opening sold, DOW +11
Overnight the Asian markets gained 1.1%. Europe opened higher and gained 0.9%. US index futures were higher overnight, and the market gapped up to SPX 2008. After an uptick to SPX 2009 the market started to pullback. At 10am Factory orders were reported higher: +10.5% v +1.1%, and Auto sales were mixed. The market then pulled back to SPX 1999 by noon and tried to rally again. At 1:30 the SPX hit 2005, and at 2pm the FED’s Beige book was released: http://www.federalreserve.gov/monetarypolicy/beigebook/beigebook201409.htm. Another pullback followed to SPX 1998 by 3pm, then the market bounced to close at 2001.
For the day the SPX/DOW were mixed, and the NDX/NAZ were -0.60%. Bonds gained 2 ticks, Crude rallied $2.45, Gold rose $5, and the USD was lower. Medium term support remains at the 1973 and 1956 pivots, with resistance at the 2019 and 2070 pivots. Tomorrow: the ECB statement, ADP at 8:15, weekly Jobless claims and the Trade deficit at 8:30, then ISM services at 10am.
The market gapped up on the open today following Europe’s early rally. The SPX opened at a new high, then hit 2009 before it started to pullback. Of the three options noted yesterday, two of the three were eliminated at the open. With today’s afternoon pullback to SPX 1998 we are now seeing some choppy activity from the Minor wave 4 low at 1991. We have a rally-pullback SPX 2006-1995, and now another rally-pullback SPX 2009-1998. This morning we labeled the 2006-1995 sequence as Minute waves i and ii of Minor 5. But today’s 2009-1998 sequence appears to be a bit odd, during this uptrend, for a Minute iii. With the much awaited ECB statement tomorrow we remain cautious.
Short term support is at SPX 1995 and the 1973 pivot, with resistance at SPX 2009 and the 2019 pivot. Short term momentum hit overbought this morning then dropped below neutral. The short term OEW charts flip-flopped again today, ending negative, with the reversal at SPX 2002. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: bull market
the ELLIOTT WAVE lives on 
Another stick save into the close AMAZING..QE today???
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Tony,
The weekend outlook you sent me was from the prior week, 8/23 and not 8/30?
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correct
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$usd or DXY cleared the resistance it hit 2 days ago. With gusto and swagger. Resistance will now be support.
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broke down hard thru the 5-day support line…….which is at around 97-98 ES
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SPY DIA NAZ .887 from Minor 4 low to recent high. DIA hit it to the penny 170.22
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ABCDE triangle w 1994/5 base? Now up?
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lunker are you saying E is 1994/5, or D?
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starts w 1995 ends w 1992.5
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You guys crack me up 😉
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Key reversal in the works? SPX
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they always push it back up in the final minutes. Will today be the same? Probably.
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Hyg is now under its flat 200 ma on the 2 hrs, once jnk get under the same metrics and stays under for a bit, selling will get heavy. If jnk gets bid at its 200 on the 2 hr, the algo will bid equities. But with $bpspx hitting it 200dma and feeling it and $bpcompq hitting its 200 weekly ma and feeling it, its a done deal, top. Like magic said yesterday people know it over and have been trying to exit slowly, it going to be a stamped when everyone heads for the door at once, but that may be still a ways off, buy the dip mentality is ingrained. But it’s coming ” risk off in major way”
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Hyg got the bid at the 200 and the algo got the input to buy equities. Code
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see what they did there? I saw this movie before 😉
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