Friday update

SHORT TERM: higher open – new highs, DOW +47

Overnight the Asian markets gained 0.6%. Europe opened higher and gained 0.6% as well. US index futures were higher overnight. At 8:30 Export (-1.0% v -1.2%)/Import prices (-0.7% v -0.1%) were both reported lower. The market opened two points above yesterday’s SPX 2088 close and continued higher. At 10am Consumer sentiment was reported lower: 93.6 v 98.5. At 11am the SPX hit an all time high at 2095, and then started to pullback. The pullback ended around 1:30 at SPX 2087. Then the market rallied to a new high at SPX 2097 and closed there.

For the day the SPX/DOW were +0.35%, and the NDX/NAZ were +0.80%. Bonds lost 11 ticks, Crude gained $1.30, Gold added $6, and the USD was higher. Medium term support remains at the 2085 and 2070 pivots, with resistance at the 2131 and 2198 pivots. Today the WLEI was reported lower: 45.7% v 46.0%.

The market opened higher today, rallied to new highs, pulled back, then rallied again. With the market making new highs today we have discarded the low probability Major 4 triangle scenario. It now looks like Major wave 4 did indeed end a week ago Monday at SPX 1981. The current rally from this Monday’s SPX 1942 low continues to display five waves up: 2058-2049-2071-2058-2097. More on this and a review of the ongoing Primary III wave this weekend. Keep in mind the US market is closed Monday. Best to your weekend!

MEDIUM TERM: uptrend

LONG TERM: bull market


About tony caldaro

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64 Responses to Friday update

  1. Kazim K. says:

    Thanks Tony
    Here one example for Dax

  2. gtoptions says:

    Thanks Tony ~ Good Weekend Sir
    FYI ~ The DJI Confirmed it’s Weekly Bullish Engulfing.

  3. M1 says:

    Upgrading the preferred count

  4. Peter Sliney says:

    Needs just a nudge to 2100. The volume on this has been pretty light. IMO a serious pull back is due.

  5. lunker1 says:

    CNs SPX Weekly Big Down is toast and Weekly and Daily Big Ups are in force. The Daily’s top target was 2093 and that’s been exceeded so working off of the Weekly targets now but not sure how to calc those. Could try to reverse engineer his Daily targets.

  6. blackjak100 says:

    What happened to CN?

  7. ABchart says:

    Thanks Tony! Happy Valentine’s weekend to you all!

  8. rabbittrader1 says:

    For the Gold investors: My target for the 5th wave down in this gold drop is $1150. Then after an upward correction to the $1230 area (maybe) a further drop to below $1000 (at the $960 area) should occur in MARCH.. After that, a move to the $1500 area in a few months. (Probably by June). Regarding the SPX, I thought we might get a few days correction before reaching new SPX highs. but ,NOT.!! I am staying LONG SPXL ” Don’t FIGHT THE FED” Enjoy your snowy weekend !! R.

  9. simpleiam says:

    Thanks Tony! My 401k sends you kisses for Valentine’s Day!

  10. vinniesj says:

    Tony, the Central Banks ignored your blurb about short term overbought conditions…..

  11. Lee X says:

    nice job tony ! remember there’s no crying in trading but certainly on Twitter;)
    have a great holiday here in the states see you later

    • H D says:

      dude? r u getting grumpy? Talking about @OEWtony or just the rest of us on twitter? I think it takes a lot of prep and confidence to share a trade idea. You should try it. Tony’s done a stand up job, the rest of us tweeter hacks r just trying our best. Peace. come on over I’ll buy u a beer.

      • Lee X says:

        I’ve never mentioned Tony on Twitter , how about you ?

        • H D says:

          absolutely, every pattern & count I see I gauge against his count. Is that bad? Almost everything I’ve learned has come from here. I hope its considered a compliment to him. No disrespect intended to his work at all.

          Well ,,whatever happened, no crying right. It’s all good and we can always talk about the weather. I prefer sharing ideas.

          • CB says:

            HD, you are one of the most talented , hard-working & generous guys here , and you deserve nothing but respect for all you contribute here & it’s not right you got treated unfairly like that. On a different note, HD, check out the recent work of Dr. Ashram here – the guy has been literally busting his chops trying to “teach a man to fish” or even occasionally giving a man a fish (almost). Open your eyes , HD, really wide🙂 And on a related note, one of the fun things about being a Gemini is that they decide every day who they wanna be. Every. Single. Day. Also you may want to google a few psychological concepts, HD, so you can understand some behaviors better and don’t get unnecessarily upset( or baited) by them. They tend to re-appear over and over again as the internet is a real magnet for them. Cheers all!
            P.S. People who cry on Twitter (=Twimps) should definitely stop crying 😉

          • tony caldaro says:

            just keep on doing what you have been doing
            some really great calls!

          • lunker1 says:

            HD great chat room. been lurking for a couple weeks.

      • lunker1 says:

        wow it must be Flame Week lol. last I checked Lee was all about having a good honest laugh. And they are called Tweets. That alone is purdy darn funny.😀

    • lunker1 says:

      Lee are you still A-Broad?!

  12. mike7x says:

    Would you buy an iCar? The universe’s most valued company may be planning to build a car. New highs.

  13. fotis2 says:

    Tony thanks another interesting week ahead so far so good your call is paying out.A nice long weekend to all and GL for Turnaround Tuesday.

  14. mike7x says:

    Thanks Tony. This is like being in Colorado. Most seem really high on this market.

  15. M1 says:

    ..and again NAZ hit new 14 years highs today
    hope everyone is short, medium and long term bullish now

    • tommyboys says:

      Most of this site just frustrated shorts – in fact see this everywhere. Very bullish indication…and yes Tony very nice WROC indicator…

      • M1 says:

        It has been the pattern during this bull market. A lot of traders shorting the market and loosing all their money. But someone smarter than us has been buying all the way up and keeps buying.

  16. Nice work on WROC a week ago. Well timed!

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