SHORT TERM: market pullback continues, DOW -101
Overnight the Asian markets gained 0.1%. European markets opened higher and gained 0.4%. US index futures were higher overnight, and at 9:00 Case-Shiller housing prices were reported higher: +1.2% vs +0.5%. The market opened higher at SPX 1461, then dipped to 1459 by 10:00. At ten Consumer confidence was reported higher: 70.3 vs 60.6, and the FHFA housing index gained again: +0.2% vs +0.7%. The market then rallied to its high for the day at SPX 1463 and began to pullback. The pullback continued throughout the afternoon and right into the close. The SPX ended the day at 1442.
For the day the SPX/DOW were -0.90%, and the NDX/NAZ were -1.35%. Bonds gained 10 ticks, Crude slid 85 cents, Gold slipped $3, and the USD was flat. Medium term support remains at the 1440 and 1386 pivots, with resistance at the 1499 and 1523 pivots. Tomorrow: New home sales at 10:00.
The market opened higher today, hit resistance at SPX 1463, and then began to pullback. Around 3:00 the SPX broke through the temporary support at 1450/52, continued lower, and hit the 1440 pivot range by the close. That potential triangle scenario, noted yesterday, no longer looks to be in play.
Another look at the short term charts displays a three wave decline to SPX 1450, a rally to 1467, then another three wave decline to 1442. Both declines are exactly 25 points, for a total Intermediate wave iv decline of 33 points. The daily RSI ended slightly oversold today too. This pullback now meets our original minimum projections of a 30+ point pullback, and an oversold daily RSI. Should the OEW 1440 pivot range hold, (SPX 1433-1447), the bottom may be in for Int. wave iv.
Short term support is at the 1440 pivot and SPX 1422/27, with resistance at SPX 1463/64 and the 1499 pivot. Short term momentum ended the day quite oversold. The short term OEW charts now have a negative bias from SPX 1455. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: bull market
the ELLIOTT WAVE lives on 
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http://screencast.com/t/0ve4xApr2 we need one more wave down…??
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pivot time
Magic hour
thats all I got..If I got a nickle for every post today Id be a rich man…Ill down shift 🙂
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I’d pay a nickle but not per post..only per yourtube video..but ever since I said we liked ur videos Lee all videos for the rest of the year have been cancelled..lol..so….
this is my quote for today: “if u think u understand Alan Greenspan, then U don’t understan Alan Greenspan” (obvioulsy) 🙂 love cryptic…keeps our brain waves active…” thanks Lee!
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