SHORT TERM: market pullback extends, DOW -44
Overnight the Asian markets lost 1.0%. European markets opened lower and lost 2.1%. US index futures were lower overnight, and the market opened one point under yesterday’s SPX 1442 close. Right after the open the market resumed its pullback. At 10:00 New homes sales were reported about unchanged: 373K vs 372K. The decline accelerated after 10:00, and the SPX broke through the OEW 1440 pivot range hitting 1431 by 10:30. Then with an extremely oversold condition the market tried to rally. Around 1:30 the SPX reached 1439, then pulled back into a 1433 close.
For the day the SPX/DOW were -0.45%, and the NDX/NAZ were -0.90%. Bonds gained 14 ticks, Crude slid $1.40, Gold dropped $10, and the USD was higher. Medium term support now drops to the 1386 and 1372 pivots, with resistance at the 1440 and 1499 pivots. Tomorrow, Q2 GDP (est. +1.7%) plus weekly Jobless claims and Durable goods orders at 8:30. Then Pending home sales at 10:00.
The market opened slightly lower today, then continued yesterday afternoon’s selling. Within the first hour of trading the SPX broke through the OEW 1440 pivot range, (SPX 1433-1447), then made a low at SPX 1431. This Intermediate wave iv pullback has now extended to 44 points from the SPX 1475 high. A bit more than expected but still acceptable. Intermediate wave ii had a 54 point pullback. Currently this market is trading in between the recent Minute wave iii and iv range of Minor wave 5 (SPX 1429-1439).
Short term support is at SPX 1422/27 and 1413/16, with resistance at the 1440 pivot and SPX 1463/64. Short term momentum hit extremely oversold today then bounced a bit. A lower low tomorrow could set up a tradeable positive divergence. The short term OEW charts remains negative from SPX 1456, with the swing point now SPX 1451. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: bull market
Int IV come and gone…?
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Maybe, maybe just A … need more market activity
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With daily retracing half way back to neutral, it seems ripe for another flush down. But we the managed market we never know.
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Ur welcome pbnj
Glad to be of help
nailed GC and did ok with es cl
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yes, you did. good work my man.
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R C
Thanks man !
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ZC will be next
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Show’em you’re a tiger,
Show’em what you can do
The taste of Tony’s OEW Flakes,
Brings out the tiger in you, in you!
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I just hope to some day see things the way you are able to.
I am willing to learn 😉
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Ur in the right spot
Tony is one of the best observers/historians of the market I’ve ever seen and THE best OEW/EWT guy I know.
Tony is by no means “cryptic ” like I am LOL but if u take the time and read what he writes and the answers he gives to us posters you’ll pick up on the the little nuances here and there.
If people want somebody to say BUY BUY BUY or SELL SELL SELL Id tune into CNBC at 5:00 PM CT
Trading is the best teacher it’s all just theory until you make the trade.
GL pbnj !
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It’s all just theory until you make the trade
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No doubt about it – you guys ARE the best.
No I am not seeking the BS of CNBC – they teach nothing – this right here is the best.
Thank you Lee
Thank you Tony
Cheers
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QE3: Two day pop. 7-8 day drop. Now. Pop, pop, pop? (Repeat of QE2?)
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it rhymes nicely Mike, so it should work 🙂 swing point 1455ish still…lets see what happens there..
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