tuesday update

SHORT TERM: choppy session today as Crude tanks, DOW -77
Overnight some selling pressure remained on the stock index futures in a mixed Asian session. With Europe coming in lower as well, stocks opened to the downside as the SPX hit 1531 by 12:00. A rally took out the highs for the day by 2:00 at 1538. However, another turn to the downside ended the session mixed, as the SPX hit 1530 right before the close. At the close the SPX/DOW were -0.60%, and the NDX/NAZ were mixed. The NDX made a new bull market high during today, for the second time this week. Bonds lost two ticks, Crude dropped $3.75, Gold lost $6.00, and the Euro was flat. The SPX closed right at support of 1530, resistance remains 1556 and 1576. Short term momentum was overbought coming into the day, but is now closer to being oversold. It appears the market is still in the first wave up from the recent lows. Tomorrow should be quite a wild day. Best to your evening!
MEDIUM TERM: bullish, still targeting SPX 1620
LONG TERM: bullish.

About tony caldaro

Investor
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2 Responses to tuesday update

  1. tony says:

    Hi Mario,
     
    You make total aboslute sense.
    That\’s the scenario as I see it as well.
    A moderate Minor 4 with support at 1560, and then a run to 1702.
    Nice analysis!
    tony

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  2. Mario says:

    Tony,I\’ve been following your blog for a few months now, thank you very much for your great work.I
    have a question, supposing we hit 1620, once that happens, what do you
    foresee for Minor 4? Would 1556 be the important level then? I would
    think that alternation would suggest a milder corrective Minor 4
    compared to Minor 2, so I would conclude that a breakthrough from 1556
    on the way down would suggest we would not go much higher than 1620
    before Intermediate 5 ends and the downside possibilities could be
    substantial. More importantly, it could mean Minor 5 would be a
    relatively short (Intermediate 5 Diagonal?) wave and therefore the next
    correction could occur before the end of the year.Do I make any sense? Your input is greatly appreciated.Mario

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