wednesday update

SHORT TERM: market continues bounce off 1261 pivot, DOW +90
Overnight the Asian markets were mixed, and Europe opened lower but closed mixed as well. At 8:30, July durable goods orders were reported +1.3% and June was upgraded to +1.3% as well. Yet both inventories and unfilled order rose 0.8%. The market opened relatively unchanged. After a dip to 1270 by 10:00 a rally followed. By 10:30 the SPX hit 1280, pulled back to 1274 in the next hour, and then rallied to 1285 by 1:00. After that the SPX moved lower, in a choppy fashion, into the close. For the day the SPX/DOW were +0.80%, and the NDX/NAZ were +0.80%. Bonds gained about ten ticks, Crude added $2.00, Gold rose $4.00, and the Euro was higher. Support for the SPX remains at 1261 and then 1240, with resistance at 1287 and then 1316. Short term momentum was a bit overbought at today’s highs, and the near term indicators are on the rise again. Tomorrow, the weekly unemployment claims, and the first Q2 GDP revision at 8:30.
Since early August the SPX has pulled back to the 1261 pivot three times. Each time it has found support. The first launched the rally to the uptrend high at 1313. The second, last week, ended on friday at 1293. The third, this tuesday, has now rallied to 1285 thus far. Therefore we have successively lower highs, which would suggest a breakdown eventually. However, if this rally were to exceed the previous one at SPX 1293, then a retest of the highs is also possible. Best to your trading!
MEDIUM TERM: uptrend high at SPX 1313
LONG TERM: bear market

About tony caldaro

Investor
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100 Responses to wednesday update

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  3. Bud says:

    egoldspot…..
     
    There was an author on KFNN today at 2pm PDT which bascially that we
    are in store for hyper inflaton as was experienced in 1978-1980 until
    Paul Volker took the interest rates lower in August 1982.  This was a Fed
    tightening though.  Inflation grew out of the 1970\’s as the cost
    of the VN war ending 1975.
     
    Sinclear Noe.  Afternoon Review is on archive at KFNN 2pm
     
    here is a link, author talks of hyperinflation very late this year.
    Dow 16k plus
    http://www.kfnn.com/ListenLive.asp

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  4. tony says:

    Hi Bud,
    Waiting for the smoke to clear in the US first.
    Since a 10% GDP growth rate in China means nothing to its market.
     
    Hi Mckennedy,
    That was Art Cashin, who is one of the only straight shooter reporters on the floor.
     
    Hi egoldspot,
    Posted an alternate count on the DOW a week ago last in the weekend report.
    If SPX 1200 was the bottom, this has certainly looked ugly on the way up.

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  5. egoldspot says:

    Investors should abandon defensive positions and broaden their portfolios to get a jump on the next U.S. bull market, Charlie Morris, head of Absolute Return HSBC Investments, told CNBC Wednesday.

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  6. egoldspot says:

    Bolden news! MM\’s like the short skirts(some since 1200) ppl are wearing they wanna take it down and they themselves will wear it later (;

    Like

  7. Laurent says:

    I had the chance to sell NQ at 1922 during my lunch break before leaving for outdoor activities.I\’m not complaining as I could have sold it 2 or 3 more times at the same price.

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  8. egoldspot says:

    As per my count this is w3 and that it might go still more. Will wait for w4- retest to load up! and payday on W5

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