monday update

SHORT TERM: market makes a new uptrend high then closes mixed, DOW -20
Overnight the Asian markets closed mixed, and Europe closed mixed as well. Despite buying in the US index futures overnight and aided by a little takeover news, the market opened flat at 1395. The first push to a new high occurred at 10:30 when the SPX hit 1401. Then a small pullback to 1396 by 11:30, was followed by a gradual rise to 1403 by 3:00. The market then pulled back a few points into the close. For the day the SPX/DOW were -0.15%, and the NDX/NAZ were +0.15%. Bonds gained 11 ticks, Crude added 30 cents, Gold rose $3.50, and the Euro was higher. All together not an eventful day, as the SPX stayed within a narrow 8 point range. Support for the SPX remains at 1383 and then 1364, with resistance at 1410 and then 1438. Short term momentum continues to display a negative RSI divergence. And, the near term indicators are displaying negative divergences as well. Tomorrow the FED starts its FOMC meeting, and another consumer confidence reading will be released at 10:00. Currently the market continues to work its way into the apex of that diagonal triangle posted on friday. Best to your trading!
MEDIUM TERM: uptrend nearing resistance at the 1410 OEW pivot
LONG TERM: bear market

About tony caldaro

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42 Responses to monday update

  1. tony says:

    Hi Amos … that galaxy is certainly strange.
    Guess the far right put some spin on it.
    Hi Frank … is there a free market somewhere?
    Hi Newbie … I just follow the waves, the technical indicators and watch the economic reports.
    With housing still tanking, and only one Major wave down in this bear market. Others can think what they wish.


  2. tony says:

    Hi Rich … just posted those findings as well.
    Hi 3BEPb … SPX pulled back to exactly the 55hour ma today, which has been rising, and held.
    Certainly a spike up/down after the FOMC news could end it or break it. 


  3. Frank says:

    no name, "Something has to be wrong with the ISEE number" which part?  I\’m pretty sure the number are right, is just that I guess there are "large" someone is buying lots of puts on the indicies..?  But as of now, the ISEE number is going to end up with a large gain of 158!  Very high number of calls…  $VIX very low going into FED…

    HD, yes I can see that too, but I\’m just trying to undersand is this a simple counter trend rally or for real.  If is for real, I don\’t see any fundamental supporting it…


  4. Forkoholic says:

    Buffett went crazy and put all $40B in railroads 😉


  5. H says:

    Frank, IMO The $tran (IYT) sees the BULL. No resistance to new highs. We suffer from paralysis by analysis.


  6. Unknown says:

    Something has to be wrong with the ISEE numbers. 


  7. Frank says:

    Anybody here have any idea what does transport see that we all don\’t?  Collapse in oil market?  But then even if Oil collapse back to $90 barrel, it\’s still very expensive.  Last time oil was at $90, was transport this high?


  8. Forkoholic says:

    Britain\’s biggest banks use astrology to play the markets


  9. Frank says:

    Ok I\’m scraching my head here, ISEE of all securities is 164 right now, and all equity is a WHOOPING 224,damn that\’s lots of calls!  BUT THEN all indicies is only 59???  So how can people be so positive on stock yet market outlook so bad??  Or am I stupid and not reading this ISEE right?


  10. Forkoholic says:

    if I was smart money I\’d use tomorrow\’s Fed rally to trap as many bulls as possible+ china.
    Because May 1st is holiday in China/Russia I\’d start shorting at the close of tomorrow and push it hard down. By Friday China would come back from holiday and sell setting up big sell for Monday 🙂


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