tuesday update

SHORT TERM: market holds support early and then rallies, DOW +196
Overnight the Asian markets were mostly lower. Europe opened lower but closed +1.20%. US index futures were lower overnight and at 9:00 Case-Shiller reporting housing prices continued to decline: -18.7% v -18.6%. At the open the market gapped down to SPX 881, it closed at 887 on friday. After bouncing around for a few minutes the market started to rally, and rally it did. At 10:00 Consumer confidence reportedly jumped to 54.9% v 40.8%. The rally continued and hit SPX 905 by 11:00. After that it started to slow down but continued to rise. By 2:00 the SPX hit the 912 resistance pivot, and then the market eased back into the close. For the day the SPX/DOW were +2.50%, and the NDX/NAZ were +3.55%. Bonds dropped over 3/4 points, Crude rallied $1.10, Gold slid $5.00, and the Euro was lower. Support for the SPX remains at 848 and then 789, with resistance at 912 and then 935. Short term momentum was overbought at the highs. Tomorrow, the government’s FHFA housing prices at 10:00, and also Existing home sales.
The market spiked higher today after holding support at last weeks lows (880), and above the important 876 level. The rally carried all the way to the resistance pivot at 912 when the market got overbought. Still leaning to the downside, but if the SPX can get above the 912 pivot and hold it, this market should move higher.
MEDIUM TERM: uptrend but cautious
LONG TERM: bear market
Love oneself, or love oneself and all others. It’s a choice.
Your future depends on it. Time is short. Make the choice!
    

About tony caldaro

Investor
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100 Responses to tuesday update

  1. Bud says:

    Frank….spreading the wealth, and debt to generations. Limbugh says the Republician partyis for all practtical purposes – dead. Thus, the fox runs the hen house,,,,

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  2. tony says:

    Hi!Everyone should be using Symantec or Trend Micro when on the internet.They are both inexpensive services that handle all the nonsense we are publicly subjected to when using the net.

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  3. Wiggin4u says:

    Frank – "if government know WTF they are doing, then they are purposely destroying US of A!"Exactly! Welcome to my world. King Obama….

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  4. Forkoholic says:

    Lets watch Tiger

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  5. Aureliano says:

    Palroy: I agree. All my timeframes are much weaker here. Even the daily is showing -Momo.

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