friday update

SHORT TERM: market ends volatile week on the downside, DOW -159
Overnight all the Asian markets were higher. Europe opened higher but closed -0.65%. US index futures were higher overnight and at 8:30 preliminary Q1 GDP was reported +3.2% v +5.6%. The market opened slightly lower to SPX 1205 and moved up to 1208 by 10:00. At 9:30 the FED issued the following press release: http://www.federalreserve.gov/newsevents/press/bcreg/20100430a.htm. At 9:45 the Chicago PMI was released: 63.8% v 58.8%, and at 10:00 Consumer sentiment was revised upward: 72.2 v 69.5. The market then took on a negative tone as financial leader GS continued to decline. By 10:30 the SPX hit 1198. At 11:00 the FED issued another press release: http://www.federalreserve.gov/newsevents/press/monetary/20100430a.htm. A rally back to SPX 1205 by 11:30 failed to gather momentum and the market declined to 1192 by 1:00. Another rally attempt from a short term oversold condtion took the SPX to 1197 by 1:30, but the market headed lower again. Heading into the close the SPX traded as low as 1186 and closed at the 1187 pivot. 
For the day the SPX/DOW were -1.55%, and the NDX/NAZ were -2.05%. Bonds were up 14 ticks, Crude gained 80 cents, Gold rallied $11.00 and the USD was lower. Support for the SPX remains at 1187 and then 1176, with resistance at 1222 and then 1240. Short term momentum was quite oversold at the close. The weekly LEI slipped 0.1% this week and remaind at an expanding 62.4%. Public sentiment moved higher to 37.2% v 34.5%.
The market started off well enough today after the GDP report and others. Yet continued selling in the financials and GS weighed on the market all day. At today’s low the SPX had pulled back 23 points from yesterday’s 1209 high. Another notable pullback during this uptrend. This market has become quite choppy over the past two weeks. After the SPX hit 1214 on April 15th we have had four notable pullbacks of 30, 21, 38 and 23 points. Prior to that date there weren’t any pullbacks over 20 points since the end of February. Naturally, todays selloff pushed the short term OEW charts to the negative side again. Will review this weekend. Best to you and yours!
MEDIUM TERM: uptrend
LONG TERM: bull market

About tony caldaro

Investor
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23 Responses to friday update

  1. dejun says:

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  2. tony says:

    Hi Patrick,You asked the same question the other day about 1219.80.Will give you the same answer.1219.80 =1220, 1186.68 = 1187 and today\’s 1202.26 =1202.

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  3. Robert says:

    Tony:Do us a favor and ban Patrick Crotty. He is a waste of bandwidth and is a distraction to the blog.

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  4. Patrick says:

    Yeah, right Makiori, now I understand…you just round up or down. That\’s how my broker does it too, if I buy 10,000 shares of SPY @ $115 and it closes the next day at $116.55 they just round it up to $117 and give me the extra $4,500. Its a great system and every one should use it….BTW that\’s how they do it on Wall Street too, they just round the indexes up at the end of the day..no sense dealing with uneven numbers, right? That\’s how all the TA guys at the big firm do it, so yeah you\’re right. Sweet it is.

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  5. Beltran says:

    Hi Tony! 2 points. A) the weekend update ? Y B)AAPL the count elliotwave in time short ? Thanks you ! Good luck.

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  6. trade4living says:

    Very nicely said Makiori !

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  7. MAKIORI says:

    From Tuesday 27 blog: Patrick wrote: "Tony–please stop writing SPX hit 1220…the intraday high was 1219.80 on Monday, period."from the same day Tony (kind reply): "Welcome Patrick, If the SPX hits 1219.50 it\’s 1220. If the SPX hits 1219.49 it\’s 1219."On today blog Patrick: Tony–The SPX closed at 1186.68 not at the "1187 pivot". How can you put support at a half point higher than where the market closed? What the hell are you talking about?Patrick, it was just few days ago that you were given an explanation about rounding, .50 and above to the nearest full point up, and below .50 to the nearest full point lower. ( This is no too difficult isn\’t??) Also the +/- 7 points, as Pepe posted, is to be noted (This is even easier as does not involves decimals)In order to be extremely pedantic (as your case unfortunately requires) I would like to point out that the difference between 1186.68 and 1187 is 0.32 and not 0.5 (or half point) as you claim in your post which is also therefore wrong from a mathematical postulation prospective. So Patrick, please take note of all the above, you can do it! Come on Patrick ,I know, you can do it! It strikes me why people have to be unkind when they post on this blog. This is a blog where people and Tony in particular share their views and knowledge. Its free and nothing is asked in return. No one is forced to be here. Are good manners too much to ask for?I have not written this post to defend Tony, as don\’t think he needs that, but just because I don\’t like useless unprovoked rudeness.No name, about flip flopping views, I would like to think that changing opinions in general is still an allowed activity and not a crime in whichever place in the world you live.Have a nice w/e all

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