SHORT TERM: consolidation day, DOW +26
Overnight the Asian markets gained 0.2%. European markets opened flat and lost 0.3%. US index futures were relatively flat overnight as well, and the market opened one point above Friday’s SPX 1841 close. After that the market continued its pullback. At 10am Pending home sales were reported higher: +0.2% v -0.6%. By 10:30 the market hit SPX 1839, then bounced to 1841 by 11:30. After a retest of SPX 1839 by 1pm, the market bounced back to the opening 1842. Then a pullback into a SPX 1841 close ended the day.
For the day the SPX/DOW were mixed, and the NDX/NAZ were -0.10%. Bonds gained 9 ticks, Crude lost $1.10, Gold slid $17, and the USD was lower. Medium term support remains at the 1841 and 1828 pivots, with resistance at the 1869 and 1884 pivots. Nothing on the agenda for the last day of trading of the year tomorrow.
The market opened one point higher than Friday’s close. Then went into the narrowest trading range in 17 years, (three points), for the rest of the day. Not much to add to the weekend update. The market has only pulled back six points, thus far, from its SPX 1845 all time high posted on Friday. While it did look like there was some profiting taking today. It wasn’t enough to move the averages much.
Short term support remains at the 1841 and 1828 pivots, with resistance at the 1869 and 1884 pivots. Short term momentum dropped below neutral, but ended the day there. The short term OEW charts remain positive with the reversal level now SPX 1833. Happy New Year!
MEDIUM TERM: uptrend
LONG TERM: bull market
the ELLIOTT WAVE lives on 
Hey bj, I was at Whole-Paycheck earlier today, saw traders gathered around muted TV (Tony’s their advisor). 10-yr. at 3.03, and think it was Ira Harris had prediction in ’14 for 3.04?! Could hear the laughter across the store. So are you watching 10-yr? This, for me, is going to be the tough call, at least for 2nd half… Wait, did Kelly just say, “Baby-boomers want to use more drugs?” LOL! Movin’ to Co-lo-ra-do soon, gonna be a dental floss tycoon.
Simplify.
M
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Happy new years to Tony and the gang, bulls and bears.
Hoping for another prolific year to come !
Nothing much to add, as the market is on a solid track for now.
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HNY to you too, tore. Hoping Everyone makes some money too in the coming year.
Gotta go.
Simplify.
M
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Abby Doo finally came out and said she’s paranoid!
Howard Dean has come out and said markets have more to go… Now I’M paranoid!
Simplify.
M
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Dont oversimplify matters M. Happy new year !
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HAHAHAHA! But this ‘simple’ is easy!
Already-simplified!
M
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So, if we are on a iv of a minor I then this is v of 1, and gap up should lead to a sell off Like someone already said… but if we gap and go, then we are on str8 to the moon 5th wave of PRI-III, if we crawl up nonstop then 3rd of III… Me guesses…
:S
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Cashin say 600 HUNDRED Million for sale on the close and the Dow jumps 35 points. Only in 2013 can we sell 600 million on the close and go up no matter what.
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Happy and healthy New 2014, Tony and to all!
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I think we’re in minute iv now and that we might see an overnight low going into 2-3rd Jan (Bradley Turn Indicator). 1828 – 1835 target range. Then minute v into mid-Jan. I am currently looking for a PIII top in March.
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HNY Alex
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Yes thank you Tony and to you as well. Thank you kindly for your guidance this year. I would normally have seen in the NY already in HK but am currently on the holiday in the UK with my family. Take care.
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Tony would closing the gap today qualify for wave 4 of minor 1?
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probably
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wow i made a mistake there – should have bought at the gap ;
note to self: gaps act like strong resistance .
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Happy new year everybody!! Looks like minute v of minor 1 has started!
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TLT ka -Puts!
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