SHORT TERM: market ekes out a gain, DOW +4
Overnight the Asian markets were mostly lower with only Hong kong’s HSI displaying a gain. Europe opened mixed and closed mixed. US index futures were lower overnight but rallied heading into the open and the market opened unchanged. A small bounce up, and then a pullback into 10:00, put in the low for the day at SPX 1275. At 9:45 the Chicago PMI was announced improving at 49.6%, but still contracting. Failing to take out fridays low at 1272, the market rallied until 1:00 as Crude sold off, putting in the high for the day at 1290. After that the market created a zigzag into the close to end the day slightly positive. At the close the SPX/DOW were +0.10%, and the NDX/NAZ were -1.00%. Bonds gained about 1/4 point, Crude was 25 cents higher, Gold lost $2.50 and the Euro was lower. For the month the SPX/DOW were -9.4%. Support for the SPX remains at 1261 and then 1240, with resistance at 1287 and then 1316. Again today the market failed to break through the 1287 pivot. Short term momentum moved up to neutral during the rally and ended there. The near term indicators edged slightly higher as well. Tomorrow June ISM and construction spending at 10:00. Not much of a relief rally today off friday’s 1272 low, only about 18 points. Would have expected a bit more to complete Minute wave iv. Best to your trading!
MEDIUM TERM: downtrend continues
LONG TERM: bear market
the ELLIOTT WAVE lives on 
Procter & Gamble (PG) Pull up the Monthly Chart data….with RSI 14 and EMA 15 and EMA 20…..
The RSI 14 is under 50 level…….this is not good.
Price is closed under the EMA 15 and EMA 20…this is not good.
back in 2000 the same exact thing took place..and the market crashed……
July 2 2008 Cardinal (PANIC) Moon…..exactly like Jan 22, 2008…
Ezekiel chapter 9 The lord gave a order to place a mark on the righteous foreheads, and later the Lord gave a order for his servants to take a weapon in their hand and kill anyone old and young and even little children if they did not have his mark upon their forehead…..The Elders and Priests went about cleansings the city of the wicked and worldy children…who refused to obey the Prophets of their time by becoming righteous and obeying his command to mark their forehead with his mark. Each man and woman walked in their own ways, doing their own thing. it got so wicked..that the Lord had to cleanse the land of these children who walked in their own light….Israel is about to do the same exact thing in our modern day…to its enemies its preparing 360,000 graves…..Islam is walking around the middle east and even they have travel to America to hurt our way of life….the Lord is ready to cleanse the earth of this axis of evil. The next few days of trading, has very high odds of turning ona dime and crashing to a low…..I would not be long for very long If I was you…..Middle east breaking news will send the cash market to negative ina flash.
I have no position in the market, might go short in the proper time…..
God bless Amos
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I almost believed you 🙂
the world markets like we look at sectors.
They all have their specialities.
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Stu
I see banks $BKX broke 2002 support
do you think they could even sustain some sort of rally?
unless they fall even lower in 2 days – so rally will be "kiss goodbye" back to resistance 🙂
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Hi! One can look at the world markets like we look at sectors.
They all have their specialities.
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