Monday update

SHORT TERM: higher open market rallies, DOW +113

Overnight the Asian markets lost 0.1%. Europe opened higher and gained 0.4%. US index futures were higher overnight, and the market opened three points above Friday’s SPX 2099 close. The market continued to rise until it hit SPX 2110 around noon. Then started it to pullback ahead of FED chair Yellen’s speech at 12:30: By 1pm the SPX hit 2102 again, and then started to rally. Around 2:30 the SPX hit 2113, then pulled back to close at 2109.

For the day the SPX/DOW gained 0.55%, and the NDX/NAZ gained 0.45%. Bonds slipped 6 ticks, Crude rallied $1.10, Gold added $1, and the USD was lower. Medium term support remains at the 2085 and 2070 pivots, with resistance at the 2131 pivot. Tomorrow: consumer credit at 3pm.

The market opened higher at SPX 2102, rallied to 2110, pulled back to 2102, an then hit 2113. Its highest level in seven months. After that the market pulled back into the close to end the day at SPX 2109. Thus far from the SPX 2026 downtrend low: we have a rally to SPX 2103, an irregular flat pullback to SPX 2085, and now about a 30 point rally higher. With a slight negative divergence short term the market could have a pullback soon. After that it looks to move higher again. Short term support is at the 2085 and 2070 pivots, with resistance at SPX 2111 and the 2131 pivot. Best to your trading!

MEDIUM TERM: uptrend

LONG TERM: neutral


About tony caldaro

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406 Responses to Monday update

  1. Jack Sparrow says:

    now that we have pinned the move from 2025 to 2119 after some iterations – and the down move has started- we can focus on whether the move up was 1 of P-V or C of 2….(different ramifications)…

  2. ajaysinghi says:

    Posted in the morning today, flat or red close expected.. Done..

  3. I’m lowering my stop on the 2112 (SP500 cash) trade to 2117; this is a ‘probe short’ trade only; the level of 2120 was not touched today. (Nothing here is trading or investment advice).

  4. kvilia says:

    Hey, maybe a bit small but check this touch down! Top of the range:

  5. fionamargaret says:
  6. johnnymagicmoney says:

    all I know is I timed my triple short at the tippy top

    yay for me

    • vivelaamo says:

      Fair play. Don’t hold on to long or even worse add to it. Unless you believe this really is this top….

      • johnnymagicmoney says:

        well I applied the Constanza and thought I should buy so I shorted big time. based upon experience lately I have seen profits evaporate quickly so I was going to sell at the close but again applying the Constanza Vive I will keep my trade into tomorrow. I will let all know what my opposite instinct is come tomorrow and after the Constanza trade becomes world famous I will then start my paid subscription site and it will be entitled Constanza’s Calls

    • IMO, Medium term top is not in yet. My 2122.1 is coming..tomorrow..

    • CampFreddie says:

      jmm, No yay for you, as you have been calling tops for months. 🙂

      • johnnymagicmoney says:

        yes and no Fredster. I have said that this probably was going higher and expressed frustration (meaning I saw what was happening). I reduced shorts many times but have not been net short much in the last two months since we exceeded 2019. At certain times I have gone super short but got stopped out like Mikey. I chose to go super short at 2118 or so today so lets see where I close it but like Mikey if I lose a little who cares. The upside on a big drop is huggggggggggggge! I have had longs in TLT and Utilities since last year and have done incredibly well with them and have expressed as such. So get back to being naughty mr Dali and leave the magic man alone =)

  7. allen1929 says:

    2119.21 spx gap took 11 mos to fill turned many heads around. todays spx h 2119.22
    lets see if any of the many gaps below can be filled

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