SHORT TERM: gap down opening again, DOW -44
Last night FED governor Powell gave this speech: http://www.federalreserve.gov/newsevents/speech/powell20150218a.htm. Asian markets gained 0.2% overnight. Europe opened lower but gained 0.3%. US index futures were lower overnight, and at 8:30 weekly Jobless claims were reported lower: 283k v 304k. The market gapped down to SPX 2094 at the open, and hit 2091 in the first few minutes. The SPX had closed at 2100 yesterday. After the low the market started to rally. At 10am Leading indicators were reported higher: +0.2% v +0.5, but the Philly FED was lower: 5.2 v 6.3. By 11:30 the market hit a marginal new high at SPX 2102 and then started to pullback. After a pullback to SPX 2095 by 12:30, the market high 2100 by 3pm, then dipped to close at 2097.
For the day the SPX/DOW were -0.20%, and the NDX/NAZ were +0.45%. Bonds lost 12 ticks, Crude dropped 90 cents, Gold slipped $4, and the USD was higher. Medium term support remains at the 2085 and 2070 pivots, with resistance at the 2131 and 2198 pivots. Tomorrow is Options expiration Friday.
The market gapped down at the open for the second day in a row. And, for the second day in a row the low occurred within the first hour. Market volatility has calmed in the past week or so. At the low the SPX hit 2091, and then the market made a marginal new high at 2102. It now appears we have seven waves up from the recent SPX 2042 low: 2058-2049-2071-2058-2101-2091-2102 so far. As soon as this short term wave ends we should get a pullback, then another rally to possibly end the third wave up from the downtrend SPX 1981 low. Short term support is at the 2085 and 2070 pivots, with resistance now at SPX 2102 and the 2131 pivot. Short term momentum ended the day around neutral. Best to your op-ex Friday trading!
MEDIUM TERM: uptrend
LONG TERM: bull market
the ELLIOTT WAVE lives on 
Bear skins piled high today. The world frets over geo politics and yet the money men yawn and puck up their checks from the CB and put it in the casino. Many very good minds were fooled by this CB inspired rally, like Hussman. Other called the end too soon. Free money trumps all.
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Tony, I have noticed that when the market is going up this blog has few comments. When it goes down, many comments.
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Same with volume in the markets, there’s more “activity” when markets are declining. When markets are marching higher, people don’t trade, they just buy and hold.
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Jeff, not much to talk about when market only moves 10 handles higher from last Friday’s close.
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good observation
traders love volatility
otherwise they get bored
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Yawn…did you say something Tony?
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Because the same 10 bears write 90% of posts.
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Tony I suspect that a possible peak at 2150(+-10) as a top for 5-V-P3 or just a top for an intermediate I of M5 will be object of discussion tomorrow at weekend update. Anyway given the ECB QE launch the odds will be that 2150 will mark just the top of Int.I !?
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correct
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Anyone have any experience with that 211.80 SPY code?
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From NASDAQ;
“Dec 18, 2014 17:55:46 ET
Pursuant to Rule 11890(b) NASDAQ, on its own motion, in conjunction with BATS, Direct Edge, FINRA and NYSE-Arca has determined all trades in security SPDR S&P 500 ETF Trust (SPY) executed between 15:59:00 and 16:00:00 ET today will stand. This decision cannot be appealed.”
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It has been changed on their go to site, its around 2130 now…
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Hi Walter, I’ve been trying ti find you. I left a message in your “other” folder on Facebook. I didn’t know how else to contact you. I also saw the 212.97 print, i’m guessing that is what you are referring to. How can i contact you?
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Walter, what is their “go to site” and how do i get a hold of you?
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One charting system (Prophet charts, used inside anyone’s Ameritrade account) shows a high of 211.80 SPY back in December of 2014. Since the market never reached that level it’s not a real print. I call them “fake prints” (FP’s) as many times (not always) they are signals to the insiders where SkyNet (the super computer that runs the market) plans to take the market to next.
So while it’s not always a “turning” level it is a level that will be hit at some point. Only the insiders know the “when” part. Therefore we can safely assume that it will be hit. Now will it be the turning point too? I don’t know? But from a technical point of view we are very overbought and should rollover very soon.
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um Leo read what GT posted
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Finally, the DOW hits a new ATH, took long enough…
Starting a position in the VXX, 1/2 position right here in the $29.40’s
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Going which way on VIX?
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Long
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Thanks Tony
SPY ~ 161.8% ext & WR2 @ 211.44 😉
Enjoy weekend all. Keep Warm
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