SHORT TERM: FED still on hold, DOW +51
Overnight the Asian markets lost 0.1%. Europe opened higher and gained 0.5%. US index futures were lower overnight and the market opened six points below yesterday’s SPX 2092 close. Right after the open the market bounced back to 2092 before heading lower again. At 10am Pending home sales were reported higher: +1.4% v +3.5%. At 10:30 the SPX hit the low of the day at 2082, and then started to rally. At 12:30 the SPX hit 2091 and then drifted lower ahead of the FOMC statement. At 2pm the FED released: http://www.federalreserve.gov/newsevents/press/monetary/20160427a.htm. The market hit SPX 2085 right after the statement and then rallied. Around 3:30 the SPX hit 2100, then pulled back to close at 2095.
For the day the SPX/DOW gained 0.20%, and the NDX/NAZ lost 0.65%. Bonds gained 19 ticks, Crude rallied $1.30, Gold rose $3, and the USD was lower. Medium term support remains at the 2085 and 2070 pivots, with resistance at the 2131 pivot. Tomorrow: Q1 GDP and weekly Jobless claims at 8:30.
The market opened lower following poor earnings reports in the tech sector again. After a quick rebound the SPX then hit a low at 2082 by 10:30. After that the market rallied for the rest of the day, helped by a cut and paste FMOC statement, to SPX 2100. Despite today’s rally the market still looks a bit choppy. From the SPX 2111 high we had three waves down: 2081-2093-2078, and now three waves up: 2097-2082-2100. Another rally underway from SPX 2078? Or just more choppy activity? Short term support is at the 2085 and 2070 pivots, with resistance at SPX 2104 and SPX 2116. Short term momentum ended the day with a negative divergence. Trade what is in front of you.
MEDIUM TERM: uptrend
LONG TERM: bear market rally
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Stupid amazon might ruin the bear party for tommorow….
Atually create a shorting opportunity, It was too quick for me today 😦
The SP crest was in May 2015.
The last SP500 BoYu high was 4/20,
with a sell signal, shortly, there after.
To quick ? Ya, lost me on that comment.
Know what you meant, but you do not have
the picture.
uvxy
Look at LinkedIn!
Maybe but FB didn’t ……
Still a chance we bounce into 4/5. And we’re oversold on the hourly.
its a value stock don’t you know it. So let’s annualize their 1.00 a share times 4
Still trades at 167 which is beyond f-ing hilarious
How anybody can take this one down day, and say that the crash is coming, or that a hard down wave is kicking in is beyond not only me, but the best technicians in the business; whomever you think that might be. Then, there’s the “pasters”, who cut and paste their blogs from yester-month, or year, saying they knew all along. People reading this blog cold-eyes must LTAO!
Did not close gap not good for bear
It is a DT though with 30 to go down..
hello, new chart, if you wish to see it.
Yes, I am short via SDS from 18.33,
but you know this. The SP500, BoYu
made a crest on 4/20, and gave sell
signal, shortly there after.
I am Bearish.
OEW is Bearish, last I read.
Chart of BoYu available.
BoYu is available? But not for me. I was told never to ask for it again?????
with all do respect. I do not recall,
having this conversation.
Must have been one hell’va reason
for me to say, no…
Can’t recall that comment, but you
must have done something, I really
did not like to – get that response from
me.
Spoken like a true BullTard.
You wouldn’t know one if you stepped in it…
aim,
Think about risks. It’s May (almost), SPX did not make new highs, last rally off of 1810 did not have any reasonable pullbacks, earnings season was horrible, GDP, you just name it. Some resistance levels are broken now. What else do you need in order to start thinking bearish, even short term?
kvilia, I definitely think about those things, but I’m not fool enough to call a turn because of one down day, which for all intents and purposes, was barely a 1%er on DJI. I mean, really, come on…
Not even 1% on SPX!
lol. the bears are looking for anything to make their case. I am on the bullish side medium term but I knew we were in a short term correction and last couple days stretched out the b wave so I played for the c wave and made 20k in 2 hrs. There should be a some more sell off either over night or into the morning then we will rally into close.
As for the correction I think the market is trying to create an ending diag. This sell off is wave 2 of 5 to complete minor 3.