thursday update

SHORT TERM: market remains in month long trading range, DOW +104
Overnight the Asian markets were mixed. Europe opened lower and closed -1.0%. US index futures were higher overnight. At 8:30 the weekly Jobless claims were reported at 623K v 631K, and Durable goods orders were +1.9% v -2.1%. The market moved higher on the news and at the open gapped up while hitting SPX 903 in the first few minutes. At 10:00 New homes sales were reported at 352K v 351K. The market immediately sold off on the details of that report. By 10:30, however, the SPX hit its low for the day at 888. A choppy rally followed as the SPX worked its way to 902 by noon, pulled back to 893, and then moved higher again to 909 by 2:30. After that the market eased back some heading into the close. For the day the SPX/DOW were +1.40%, and the NDX/NAZ  were +1.25%. Bonds were up about four ticks, Crude rallied $1.25, Gold added $5.00, and the Euro was higher. Support for the SPX remains at 848 and then 789, with resistance at 912 and then 935. Short term momentum moved higher during the day but is not overbought. Tomorrow, the first revision to Q1 GDP at 8:30. Then Chicago PMI and a Consumer sentiment reading around 10:00. This range bound market continues. Best to your trading!
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

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100 Responses to thursday update

  1. tony says:

    Have a great weekend.Cordially,the Presidents Working Group


  2. Impulsive says:

    Tony\’s 946 call still on my mind.


  3. Bud says:

    Neely is short from mid-Friday am.


  4. M says:

    I love when clients call and I\’m not able to get out in time (end of whining)… Blowoff top perhaps?


  5. S2 says:

    Backtest line obviously broken. 914-915 was my estimate for a "Y" last night. Wrong. I see other EW folks have 918-921 just below the 925 pivot. Maybe. I see the high was right at the 930–>925 tops trend line and right on the 667–>879 uptrend line (the latter being of questionable value). BKX did not overtake its 20dSMA but VIX tanked to 29 at EOD. SPY volume was pitifully low today and its 200dSMA is being tested. Will re-evaluate everything on Sunday after Friday/Saturday fun. Enjoy your weekend.


  6. Aureliano says:

    Well done, Bud.Double top for NDX, -D hourly. Guess Monday morning will tell. Later guys.


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