tuesday update

SHORT TERM: new uptrend high, DOW +21

Overnight all the Asian markets open were all lower. The European markets open started higher but ended flat. US index futures were higher overnight. At 9:00 Case-Shiller home prices were reported lower: -0.80% vs +0.60%. The market opened at a new uptrend high, SPX 1260, then began to pullback. At 10:00 Consumer confidence was reported lower: 52.5 vs 54.1. The pullback continued until about 10:30 when the SPX hit 1256. The pullback was only 4 SPX points, it is a quiet market. After this the market started to drift higher. Around 3:30 the SPX hit 1260 again and then dipped to close at 1259.

For the day the SPX/DOW were +0.15%, and the NDX/NAZ were -0.15%. Bonds lost 32 ticks, Crude added 25 cents, Gold rallied $23.00, 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 dipped to neutral during the pullback and is now rising. No important economic reports until thursday.

The market opened at a new uptrend high this morning, pulled back a few points, and then tried to break through the OEW 1261 pivot again. Once the market closes above this pivot, and clear its range, there is not much resistance until the SPX hits the 1291 pivot. The short term OEW charts remain positive, and Minor wave 3 continues to unfold. The pullbacks for this Intermediate wave five continue to be minor. Thus far, from the Int. wave four SPX 1173 low, we have had six observable pullbacks and only two were more than 10 points, (15 and 13 respectively). Short term support is around 1255 with more important support at the 1240 and 1222 pivots. The market is currently trading at overhead resistance. Best to your trading! 

MEDIUM TERM: uptrend high SPX 1260

LONG TERM: bull market

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

About tony caldaro

Investor
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38 Responses to tuesday update

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  3. tommyboys says:

    Oh OK…2005. Seems a whole lot longer than that for whatever reason. Time Flys! Happy 2011!

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  4. H D says:

    trying 1258 think it can go to 1255

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