monday update

SHORT TERM: market rebuonds in volatile trading, DOW +35
Overnight all the Asian markets were higher. Europe opened higher but closed -1.05%. US index futures were higher overnight but futures began to fade heading into the open. Just after the open the Chicago PMI was reported higher: 56.1% v 54.2%. The market opened about unchanged from friday’s SPX 1091 close. After a dip to SPX 1088 in the opening minutes the market rallied to 1097 by 10:30. That was the best level of the day and below friday’s best level of 1099. The market then headed straight down to SPX 1086 over the next hour and a half as the USD rallied. At 11:00 FED assoc. director Greenlee’s testimony was released: http://www.federalreserve.gov/newsevents/testimony/greenlee20091130a.htm. The market stabilized around noon and then it tried to rally. For the rest of the day the market continued to edge higher, but was only around SPX 1089 at 3:00. Then some last hour buying drove the SPX back to the highs of the day. For the day the SPX/DOW were +0.35%, and the NDX/NAZ were +0.20%. Bonds gained 4 ticks, Crude gained $1.15, Gold added $4.00, and the USD ended lower. Support for the SPX remains at 1090 and then 1061, with resistance at 1107 and then 1133. Short term momentum remained near oversold levels for the entire day until the last hour when it rose past neutral. Tomorrow, ISM manufacturing and Construction spending at 10:00. Later in the day, around 2:00, the monthly Auto sales will be released.
The market spent the whole day, as it did friday, vacillating around the OEW 1090 pivot. The short term wave pattern from the middle of November looks quite choppy. Until the market can break through the 1107 pivot range on the upside, or break below the 1090 pivot range on the downside, we remain in this trading/churning range. Best to your trading! 
MEDIUM TERM: uptrend
LONG TERM: bear market rally

About tony caldaro

Investor
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73 Responses to monday update

  1. tony says:

    Hi S2,Congrats on finding employment!happy holidays.

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  2. egoldspot says:

    Didn\’t get clear signal for tommorrow!So waiting !

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  3. Lee says:

    I killed the thread……….

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  4. Lee says:

    MAKIORI,That\’s a great suggestion !! When were u in town last?Thanks wiggin for having my back..Stephen scared me off here this morn..He\’s like a dog chewing on a couch..just wants attention..positive or negative doesn\’t matter to him.. What makes matters worse is he\’s been right LOL..

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  5. Lee says:

    daily Para came in right at the highs this afternoon in esz..

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  6. Drew says:

    Let\’s see how fast it fades.

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  7. Wiggin says:

    Being the 6th time at this level in 2 weeks, I would have thought more stops at this level,and thus more short covering here. hmmmm

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  8. MAKIORI says:

    somehow I feel that those genius at GS while doing "God works", they will work out the lowest possible strike price for the billion of options they are all in line to receive shortly…..

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  9. MAKIORI says:

    previously I had posted about a potential H&S on GS (daily) it seems to me that we are re-testing the neck line. Well actually I have 2-3 possible neck lines all very close to each other depending on where do you start drawing the line and whether you include spikes or only full body candles. Still I am keeping one close eye on this one. target is 144-142 area and right now it sells at 168

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