SHORT TERM: market remains quiet, DOW -15
Overnight the Asian markets gained 0.6%. Europe opened lower but gained 0.3%. US index futures were lower overnight, and the market opened at SPX 2086. The market had closed at SPX 2089 on Friday. Right after the open the market started to rally. By noon the SPX hit a marginal new high at 2094, then started to pullback. At 2pm the SPX hit 2090, bounced to 2093 by 3:30, then dipped to 2091 to end the day.
For the day the SPX/DOW were mixed, and the NDX/NAZ were mixed. Bonds gained 11 ticks, Crude dropped $1.10, Gold slid $11, and the USD was higher. Medium term support remains at the 2085 and 2070 pivots, with resistance at the 2131 and 2214 pivots. No economic reports tomorrow.
The market opened lower today, looked like it was going to have a decent pullback, then turned right around and rallied. Short term nothing has changed from Friday, except the market made a higher high by one point. Short term support remains at the 2085 and 2070 pivots, with resistance at SPX 2100 and the 2131 pivot. Short term momentum is still displaying a negative divergence, and ended the day at neutral. Best to your holiday trading!
MEDIUM TERM: uptrend
LONG TERM: bull market
Namaste Tony!
thanks for the update..so what is expected micro 4 ? 20-30 points
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normally, but already got quite oversold
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oh..did not notice that..so expected high for micro 5- 2100 to complete minor1
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more or less for Minute one
micro-minute-minor
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So far the Santa Claus Rally is materializing as I’ve been anticipating.
Phase 1 – Xmas Rally Dec 15th (+/-2 days) to Dec 24th…… Nice Santa came and left town
Phase 2 – Xmas Hangover Rally Dec 26 to Jan 6th (+/-2)….Now we are witnessing Naughty Santa dumping lumps of coal down the chimney…..
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Maybe he is late this year, bringing some fireworks 🙂
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ahahahahahhahahaha, you bet….naughty indeed
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For Lunker,
You ask my thoughts for 2015 as I just had this talk with an old friend of mine. rises to . I Would be long companies like ABX at 10.90 as I write. I would say the market Gold rises in the face of deflation. I would think the DOW touches 14,000 next year.
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Oh ho ho…it’s not that easy truth. What primary, major, intermediate, and minor wave are we in now? When will this uptrend top and at what price range? Dow 14,000 next year is what wave? What happens after that?
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Doesn’t this uptrend have to hold 2079 and change? Prior high.
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just updated the hourly chart
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So today move should be minute iv of minor 3? I thought (2 days ago) this would be minute ii…
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ll7, I think it’s micro 4.
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correct
Micro 1-2-3-4 of Minute i
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Buying the deep today or tomorrow?
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