monday update

SHORT TERM: market recovers after gap down, DOW -18

Overnight the Asian markets open were mixed. The European markets that were open were lower and closed -1.20%. US index futures were lower overnight, and the market gapped down at the open to SPX 1251. The SPX has closed at 1257 last week. After a few minutes of trading, and an oversold short term condition, the market tried to rally. For the rest of the day the market worked its way higher. In late afternoon the SPX hit 1258 and closed there. 

For the day the SPX/DOW were mixed, and the NDX/NAZ were mixed. Bonds gained 13 ticks, Crude slipped 70 cents, Gold added $3.00, and the USD was lower. Support for the SPX remains at 1240 and then 1222, with resistance at 1261 and then 1291. Short term momentum was oversold early and rising. Tomorrow Case-Shiller is reported at 9:00 and then Consumer confidence at 10:00.

After an opening gap down the market pulled back to SPX 1251. Then the market drifted higher for the rest of the day. The pullback, thus far, is only 8 points (SPX 1259-1251). The OEW short term charts remain in a positive mode while this market continues to drift in holiday trading. The parameters noted in the weekend short term section remain the same. Best to your trading and holidays! 

MEDIUM TERM: uptrend high SPX 1259

LONG TERM: bull market

CHARTS: http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1606987

About tony caldaro

Investor
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21 Responses to monday update

  1. glsgls says:

    Wel, it is 1:55 or 2:55 if you prefer. Let’s see if we get a trend change.

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  2. glsgls says:

    Tony, I am just another knuclkehead that thinks he knows something once in awhile, but the $SSEC and $HSI look like heck to me. If they do break, how will this or will not affect our markets?

    Also, from the late November low in the BKX I have the “i” of the wave up longer than the wave “iii”, so this means this wave cannot get above 52.70 or so. Of course now that I have posted this it will be there shortly.

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    • tony caldaro says:

      Hi GLS, Agree, the SEC and HSI have been downtrending…suggesting the US, et al, will be soon downtrending too. Question is, how long before “soon” becomes now. Track the KBE. Have not counted any of its waves as impulsive since early 2007. Banks appear to be along for the bull market ride, in a corrective long term uptrend. XLF looks okay, but not KBE nor KRE longer term.

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  3. CB says:

    Hi guys! Hope everyone is having a wonderful Holiday season so far, and nobody got stuck at an airport or in the snow in the middle of nowhere… Mercury retrograde is almost over so things are supposed to get back to normal soon 🙂
    Tony, what levels are you watching in the yen right now?

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  4. glsgls says:

    I am as dumb as a rock at times, but I think one could get short the ESH at 1252.75 on a stop ( stop in) and then stop out at 1254.25 or .50.

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  5. Lee X says:

    PIVOT TIME !!!!

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  6. liborval says:

    hi tony, just wanna ask if you anticipate this P3 wave ends 2012 how you count such a timeframe if every wave up lasts 6 months, so we should have major wave 3, 5 of PIII (if 1 ends in January), and 1,3,5 of PV it should take 5×6 months up + correction waves down

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  7. gemxwavedotcom says:

    Elliott Wave Forecast For 12.28.10 http://Wavegenius.biz

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