friday update

SHORT TERM: gap up opening market ends mixed, DOW +66

Overnight the Asian markets were mostly lower, but gained 0.4%. European markets opened higher and gained 0.9%. US index futures were higher overnight. At 8:30 Personal income was reported lower: +0.2% vs +0.3%, but Personal spending was higher: +0.8% vs +0.2%. PCE prices came in lower: +0.1% vs +0.2%. The market gapped up at the open to SPX 1408, and continued to 1410 in the opening minutes. Around 10:00 the Chicago PMI was reported lower: 62.2 vs 64.0, but Consumer sentiment was reported higher: 76.1 vs 74.3. The market hit overbought right after the open and then pulled back to SPX 1401, closing the opening gap. After that it started to rally again. Around noon the FED released: http://www.federalreserve.gov/releases/g17/revisions/Current/DefaultRev.htm. The rally continued into the afternoon. At 3:00 the FED released the following: http://www.federalreserve.gov/newsevents/press/bcreg/20120330a.htm. The market also hit the high for the day, SPX 1411, around this time. A small pullback near the close hit SPX 1407, and the market ended the week at 1408.

For the day the SPX/DOW were +0.45%, and the NDX/NAZ were -0.20%. Bonds lost 15 ticks, Crude added 30 cents, Gold rose $8.00, and the USD was lower. Support for the SPX remains at the 1386 and 1372 pivots, with resistance at the 1440 and 1499 pivots. Short term momentum rallied to overbought after yesterday’s positive divergence. Last night the FED reported a decline in the Monetary base, but rises in the M1-multipier and New home prices. Today the WLEI reached an even 50%, after slipping to just below 40% in October. The economy continues to improve.

The market gapped up this morning, retreated to close the gap, and then rallied back to the high for the day. After 1:00 the market went sideways, in a 4 point range, while reaching SPX 1411. Overseas markets are weakening again. We currently have 7, of the 20 international indices we track, in confirmed downtrends. This is up from 4 just a few days ago. Four other indices are quite close to confirming downtrends as well. We will cover this new development, and other observations, in the weekend report. Best to you and yours!

MEDIUM TERM: uptrend high SPX 1419

LONG TERM: bull market

CHARTS: http://stockcharts.com/public/1269446/tenpp

About tony caldaro

Investor
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11 Responses to friday update

  1. piazzi says:

    why people spend so much time and effort defending or attacking some other analyst defies me

    dudes, the bests of the best is here given to you on a silver platter for free

    do what I and many others did, learn as much as you can from the wealth of knowledge give to you graciously by Tony. See what works for you. Devise your own approach and stop wasting time (and perhaps money) defending or attacking some other dude

    Make your own mistakes. and be a master of your own trades

  2. helperham says:

    Who or what is Scott;s trading?

    Thanks for your help!

  3. sir u r fantastic ..ur writing is very very good……..love to read ur blog daily…….though i am from india and u sometimes do mention while writing about my countries trend…………thanx

  4. stockpro2 says:

    pooch77, u must b real gullible. i tracked scotty & he’s been wrong several times this year. one time he came on this board & bragged about how he was going to triple or quadruple his puts then they all went to zero & the next day he said he was quitting trading. if his method was any good, he’d be trading it. think about it.

    • pooch77 says:

      You must be screwed up to .

      • tony caldaro says:

        Guys!This is a forum to discuss the markets, not exchange insults.People have differing opinions on many things.That’s what makes markets.Please respect each other’s opinion, and the right to have that opinion, and move on.

    • scottycj1 says:

      You are right about 1 thing, I was wrong a couple of times this year. You try forecasting
      every single day and see how many times you are wrong. Made adjustments to my market map, working real good. Back trading , up 400% in last 2 weeks. You loose.

  5. Excellent unbiased count! too bad most EW followers get exposed to it by EWI in the beginning (Like I did)..

  6. pooch77 says:

    Tony love the site but honestly H.D. telling untruths on Scotty’s trading platform really has me steamed for all the hard work he does.He charges $ 20 a month and he has not had a losing trade in 4 months.Please see were H.D gets that 1340 call last week cause Scotty never said that,that is a flat out lie ,to me that is slander and you dont need that on your website.H.D show us what your talking about,i have all of last weeks reports ,and not one calledfor 1340

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