friday update

SHORT TERM: new highs then pullback, DOW -11

Overnight the Asian markets gained 0.4%. Europe opened lower but finished mixed. US index futures remained higher overnight, and the market opened at SPX 1809 an all time high. At 10:30 the SPX hit 1814, went sideways for a couple of hours, then began to pullback. Heading into the close the SPX hit 1804, then bounced to end the day/week/month at 1806.

For the day the SPX/DOW were -0.05%, and the NDX/NAZ were +0.45%. Bonds lost 7 ticks, Crude gained 85 cents, Gold rose $12, and the USD was lower. Medium term support remains at the 1779 and 1699 pivots, with resistance at the 1828 and 1841 pivots. Today the WLEI was reported higher: 52.7% v 52.4%.

The market opened higher again today, made another all time high, then pulled back into the close. Today’s pullback was the first significant one since a week ago Wednesday. Another subdivision? An uptrend top? We’ll review the charts and see how things look in the weekend report.

Short term support remains at the 1779 pivot and SPX 1746, with resistance still at SPX 1804-1810, SPX 1818 and the 1828 pivot. Short term momentum displayed another negative divergence at today’s high then dropped below neutral. The short term OEW charts might have created support today as the reversal level is now SPX 1804. Best to your holiday weekend!

MEDIUM TERM: uptrend

LONG TERM: bull market

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

About tony caldaro

Investor
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37 Responses to friday update

  1. wolf7219 says:

    1341 Major 3, Primar I = 330
    1371 Major 5, Primar I = 122
    ( Major 3*38.2 =126; 126+1249=1375)
    1710 Major 3, Primar III =443
    (Major 3*38.2=169; 169+1627=1796
    Major 1 *61.8=211; 211+1627=1838)
    if clean 1838, next is 1901 (major 3*61.8)

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    • torehund says:

      Wolf if the first part of 3rd of 3rd is mirror image of the last part of 3rd of 3rd with a diamond continuation pattern in-between do you also have a count for 3 of 3 ending in the vicinity of 2050 on SPX ?

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  2. torehund says:

    Tony, yes it looks like a 5th wave on the BDI. I count 3 finished waves and 2 to go in a possible double five configuration. 2800 minimum and 3200 max is my guess.
    Amazing strength with a 20 percent gain in just 3 days.
    Good weekend to all on board.

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    • torehund says:

      Topping out of the BDI could mark the cycle wave 1 top on six, and wave 2 to follow. In that case the bulkers will have done 2 waves up marking wave 1 retrace lots of the gains and then be ready for a long duration wave 3 that we all in here should not miss…As the 2 first waves(wave 1) then will have lasted for many many months(if it ends 15 jan) a wave major 3 in bulkers should last for 2-3 years once cycle wave 2 is finished.

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