monday update

SHORT TERM: quiet day, DOW -24

Overnight the Asian markets lost 0.2%. Europe opened lower and lost 0.9%. US index futures were lower, then drifter higher overnight, and the market opened one point above Friday’s SPX 2018 close. At 10am ISM manufacturing was reported higher: 59.0 v 56.6, Auto sales were reported mixed, and Construction spending was reported lower: -0.4% v -0.8%. The market hit SPX 2021 at that time, pulled back to 2014 by 10:30, then started rising again. At 1pm the SPX hit 2024. It then pulled back to SPX 2014 by 3:30, then bounced to end the day at 2018.

For the day the SPX/DOW were -0.10%, and the NDX/NAZ were +0.20%. Bonds lost 3 ticks, Crude dropped $2.35, Gold slipped $5, and the USD was higher. Medium term support remains at the 1973 and 1956 pivots, with resistance at the 2019 and 2070 pivots. Tomorrow: the Trade deficit at 8:30, then Factory orders at 10am.

The market opened slightly higher today, dipped, then made a new high at SPX 2024. After that it pulled back in the afternoon. For the thirteenth consecutive day the market made a higher/equal high and higher low. Until we see some kind of daily reversal this uptrend continues higher. No change in the count(s) despite the new high, which remained within the OEW 2019 pivot. Short term support is at SPX 2000 and the 1973 pivot, with resistance at the 2019 and 2070 pivots. Short term momentum again displayed a negative divergence at the high. Let’s see if this one get finally get oversold, which has yet to occur this uptrend. Best to your trading!

MEDIUM TERM: uptrend

LONG TERM: bull market


About tony caldaro

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195 Responses to monday update

  1. elmer510 says:

    Possible gap up today and new ATH at SPX with futures in green today as well.

    SPX is heading slowly upwards. I don’t see much of corrective patterns at the moment.
    But the speed is gradually falling so there will be a pull back within some time.

  2. rabbittrader1 says:

    The Long CYCLES WERE here Long before the stock market existed. There are many 9.2 year . . cycles in Nature. The CYCLES DO NOT CARE about particular numbers. They only care , about TIME AND RYTHMS The SPX 2010 is a man-made number. IT WILL BE MOWED DOWN LIKE A SCYTH before WHEAT,, TOMMOROW !!!! IMHO R.

    • uncle10 says:

      hey rabbit, so what do you think? no kidding. we know how you feel. y need to keep posting over and over the same thing?? thx.

  3. rabbittrader1 says:

    You sure are right sibyn, re: the 2010 .SPX being a strong point of resistance, If it doesn ‘t fall today , it will fall tomorrow. , BUT IT WILL FALL!!!!!!!!!!!!!!!

  4. reddragonleo says:

    Possible “False Flag” on November 9th, 2014. Again, I’m just speculating in this new video as I don’t know “the code” that Christine Lagarde is saying:

  5. Even the kids want a shot at putting an end to this bull

  6. rabbittrader1 says:

    sibyn R.U. a human from Venus or from Mars.. Anyway, your my kind of Mammal . Whatever your SPECIES ( wish you werea Rabbit, Not to many here. . Somebody said they had a turning point next week. YES, after a small rally, Friday (AFTER DROPPING LIKE A ROCK Wed. & Thurs,so next Monday S&P will turn down again. IMHO Rabbittrader1

  7. Markets going much higher… Held onto 2003… Next target 2044 as per me… Most traders short anyways… All over!

  8. Today candle is looking very promising as a confirmation candle to yesterday’s potential reversal doji set ups for DJI (evening star), INDU (dark cloud), SPX (evening doji star) and RUT (dark cloud) NDX (dark cloud) while the two hold outs TRANS and UTIL are in the process of setting up potential doji reversal’s of their own today. e.g. TRANS appears to be putting in an Inverted Hammer which could result in a “shooting star” while UTIL is putting in an engulfing doji.

  9. Walter Crane says:

    Tempted to buy more tvix here, but would love to see one more last ditch effort by the market to go a little higher into the close or even tomorrow morning.

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