SHORT TERM: consolidation day, DOW -46
Overnight the Asian markets mostly lower, but gained 0.3%. European markets opened lower, and ended relatively flat. US index futures were flat overnight. Last night the FED released the chairman’s congressional testimony in advance of today’s testimony: http://www.federalreserve.gov/newsevents/testimony/bernanke20120321a.htm. The market opened at SPX 1407, a point higher than where it closed yesterday. It pushed to SPX 1408 in the opening minutes, and then went into pullback mode. At 10:00 Existing home sales were reported higher: 4.59 mln vs 4.57 mln. The market pulled back to SPX 1401 by 11:00, and then tried to rally. Around 3:00 the SPX hit 1407, and then pulled back into a 1403 close.
For the day the SPX/DOW were -0.25%, and the NDX/NAZ were mixed. Bonds gained 22 ticks, Crude rallied 80 cents, Gold added $2.00, and the USD was flat. Support for the SPX remains at the 1386 and 1372 pivots, with resistance at the 1440 and 1499 pivots. Short term momentum hit oversold again today during the pullback. Tomorrow, weekly Jobless claims at 8:30. Then at 10:00 the FHFA housing price index and Leading indicators. Also at 10:00 FED governor Tarullo testifies before the senate on regulatory reform. Then at 12:45 FED chairman Bernanke gives the second part of his four part lecture on the financial crisis.
The market opened relatively flat today, moved slightly above yesterday’s (1398-1407) range to 1408, then dipped into that range and remained there for the rest of the day. The DOW made a lower low than yesterday, but the NDX/NAZ made a higher high. It was clearly a consolidation day.
While we await a new uptrend high, the tentative green Minor wave 2 label remains at SPX 1398. Short term support remains at SPX 1398, then the 1386 and 1372 pivots. Overhead resistance is at SPX 1414, then the 1440 and 1499 pivots. Short term momentum touched oversold and ended the day around neutral again. Short term OEW charts remain positive from SPX 1365 with support now in the mid 1390’s. Best to your trading!
MEDIUM TERM: uptrend high SPX 1414
LONG TERM: bull market
the ELLIOTT WAVE lives on 
What’d I miss? Double bottom trade if they can clear the sellers at 1389’s
Hey Lee, Sounds interesting. I’ll take a look.
Little walk in the back yard today.
http://flic.kr/p/bF9v4a
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looks like a double bottom to me
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Ok u GC guys
was it a buy today ?
thanks
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We think both GC/SI may have made the low today.
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Thanks Tony
SPX makes new low ES did not
Neither did DJIA
Ok time to go rollerblading with jean shorts and multi colored tube socks …no shirt
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CL,zigzag complete?
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Tony,
Are you counting A down as the big flush on 2/29/12, B the next day, and then an ending diagonal A-E for C completed at today’s low? This is what it looks like to me. Sentiment also would suggest this is a low. Appreciate your input as always!
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Ryan, Had not thought about that count.We’re looking at an abc-x-abc into today’s low
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“Newbie” question here – Tony, how do you determine your pivot levels? thanks, Peter
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The market makes its own pivot levels from previous waves.We’ve been tracking all the pivots since 2000, and before.
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Hi Tony, are you in effect saying that pivots are what I – a ‘traditional’ chartist – would see from the charts as previous support/resistance levels, ie. highs/lows? Or are they something more esoteric, eg. fibo retracements/extensions etc and clusters thereof?
(for the newbies amongst us, you don’t have a ‘Glossary” type page do you?) thanks, Peter
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Actual price reversals, based on the waves of course.They are not arbitrary numbers.And, there is a proprietary method to determine them.
Love oneself, or love oneself and all others. It’s a choice. Your future depends on it. Time is short. Make the choice!
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“And, there is a proprietary method to determine them” – taught in your course?.
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yes, of course
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Tony put a line in the sand on the SPX 60 minute IMO
And it looks like hot lava.
Guys it feels like old school summer more in the markets than it does out side.
POTUS is all about the pipe line now at least south of Cushing OK.
Believe me I have my opinions like anyone else but I can’t wait for this election to be over.
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day retraced 76.40% @ recent high 1389 ESM pit
Lots of folks waiting to short above 1391.
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what gaps down, can gap …
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So can CL go to $120 and ES / SPX go under 1363 ?
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“what gaps down, can gap …”
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hahaha
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tony, from 1393-1394 back to 1399 before we end minor 2 at 1385 ?
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possible
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What up with SI ?
Tanks
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found the charts
nothing to see here
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We, in hte group, were just discussing SI
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I knew it… my palms were itching all day !
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hahaha … funny
what does Crude do to your hands?
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Makes the palms of my hands face in
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EURUSD Sell Rallye…
http://astrofibo.blogspot.ca/2012/03/eurusd-sell-rallye.html
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