thursday morning

SHORT TERM: stocks open higher right at resistance, DOW +25
Overnight the Asian markets were all higher, with Australia’s ASX, Hong Kong’s HSI and India’s BSE all posting new highs. Europe came in about 0.60% higher as well, and the market rallied at the open. Within the first few minutes the SPX poked above 1530 to 1532, then pulled back some. Bonds are up nearly 1/4 point, Crude is up $1.25, Gold is up $1.25, and the Euro is higher.
Before the open Q2 GDP was revised slightly lower to +3.8%, Q3 GDP is currently expected at 2.3%. Jobless claims came in a bit lower than expected; new home sales also came in lower than expected, dropping 8.3% in August, to the lowest level since 2000. The SPX is trading right at resistance of 1530, next resistance is 1556. Support remains at 1506. Short term momentum is slightly overbought. Best to your trading!
MEDIUM TERM: bullish, targeting SPX 1620
LONG TERM: bullish.      

About tony caldaro

Investor
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4 Responses to thursday morning

  1. tony says:

    Hi Louis,
     
    The uptrend that ended in February was overlapped by the August correction.
    This can\’t be counted as a 1-2-3-4.
    The post to Joe explains the most probable scenario …
    cheers!  

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  2. tony says:

    Hi Joe,
     
    Minor wave 3 target is 1620, Minor wave 5 target is SPX 1702.
    In between I expect a correction, but a limited one.
    So from this level I\’m really looking at SPX 1702, before any significant correction occurs.

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  3. Anonymous says:

    hi Tony:
     
    i was wondering could the low of the correction at 1371 end of minor wave 4 and this rally being minor wave 5 and then we have a substantial correction(major wave 4) may be in the next couple of months?
     
    thanks
     
    Louis

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  4. Prakash says:

    Hi Tony,Your 1620 target for SPX is for minor wave 3 or minor wave 5? The techs seem to be very hesitant to slow down – various stocks are taking turns in leading the Q\’s higher – hope we get some consolidation or test of the 50.50 level in Q – is it possible?Joe

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