tuesday update

SHORT TERM: new uptrend highs, DOW +72

Overnight the Asian markets were mixed and closed flat. Europe opened higher and gained 0.3%. US index futures were higher/lower overnight, and at 9:00 Case-Shiller was reported higher: +5.5% vs +4.3%. The market opened one point below yesterday’s SPX 1500 close, but then rallied back to the uptrend high at 1503 by 10:00. At 10:00 Consumer confidence, a lagging indicator to consumer sentiment, was reported lower: 58.6 vs 65.1. The market then quickly pulled back to the low of the day at SPX 1498, and then began to rally. Heading into the close the SPX hit 1509, then ended the day at 1508.

For the day the SPX/DOW were +0.50%, and the NDX/NAZ were mixed. Bonds lost 2 ticks, Crude rallied $1.05, Gold gained $7, and the USD was lower. Medium term support remains at the 1499 and 1440 pivots, with resistance at the 1523 and 1552 pivots. Tomorrow: ADP at 8:15, Q4 GDP (est. +1.0%) at 8:30, then the FOMC statement at 2:15. Should be quite a volatile day.

The market opened about flat today, rallied to SPX 1503, then pulled back to 1498. Holding the SPX 1496 wave support level, the market was set for a move higher. And it made new bull market highs. The suggested short term count worked out well, but we are in another subdividing wave. After Minute wave iv bottomed at SPX 1491 the market became quite choppy for a couple of days. We counted, however: a Micro wave 1 to SPX 1502, an irregular flat Micro wave 2 to SPX 1496, and a Micro 3 now subdividing into Nano waves: 1503-1498-1509 so far. We should see, in the coming days, five Nano waves up to complete Micro 3, a small pullback for Micro 4, then another rally into the OEW 1523 pivot range to complete Micro 5/Minute v/Minor 3. After that, the largest pullback since the end of December should follow.

Short term support is at the 1499 pivot and SPX 1471/75, with resistance at the 1523 and 1552 pivots. Short term momentum rallied to quite overbought during today’s rise. The short term OEW charts remain positive from SPX 1420, with the swing level now 1494. Best to your trading on potentially volatile FED day!

MEDIUM TERM: new uptrend high SPX 1509

LONG TERM: bull market

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

About tony caldaro

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153 Responses to tuesday update

  1. torehund says:

    France on the hunt for yellowcake in Mali. Whole world on the look for resources that they arent using..


  2. leelee64 says:

    Hey R C
    Bar time !

    FB reporting


    • leelee64 says:

      just a bit outside down 10% will it do a AMZN?


      • rc1269 says:

        it’s too high! what do you mean it’s too high?! so far… yep, she’s pulling an AMZN. only -1.8% now.
        somebody on the desk just said – “what to do with your FB winnings?” mighty chuckles.


  3. mokiepon says:

    Israeli AF made a strike on a weapons transport convoy near Syrian-Lebanese border. Don’t know any details, but bet it could spell trouble.



  4. leelee64 says:

    Here’s a chart from an insane guy @Stocktwits he was calling for 1200’s a month ago then turned bullish above 1434 ish SPX recently… which wasn’t a bad idea in my little world
    Is this a form fitted chart or do u guys have the same TL ? THX


  5. leelee64 says:

    Let the robot boogie down


    • torehund says:

      Whenever the robots sell of I grab my kettlebells, do some Turkish getups…


      • torehund says:

        ABC completed on SP 500 from 1510 top, but market will not make it that easy.. maybe boots will connect on some ugly complex ABC stuff later on. But you never know, boots arent exactly throwing shares out the pc -window.


      • torehund says:

        Ok then a small ABC after the big one…time to short circulit the boots for today or ???


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