Tuesday update

SHORT TERM: choppy day with positive bias, DOW +25

Overnight the Asian markets gained 0.6%. Europe opened lower but gained 0.5%. US index futures were higher overnight, and the market opened 6 points above yesterday’s SPX 2083 close. At 10am FED Chair Yellen’s testimony was released: http://www.federalreserve.gov/newsevents/testimony/yellen20160621a.htm. The market then pulled back to unchanged around 10:30. After that it rallied to SPX 2091 by 11:30, pulled back to 2084 by 1:30, rallied to 2094 by 2:30. Also at 2:30 FED governor Powell: http://www.federalreserve.gov/newsevents/speech/powell20160621a.htm. The market then pulled back to close at SPX 2089.

For the day the SPX/DOW gained 0.20%, and the NDX/NAZ gained 0.20%. Bonds lost 8 ticks, Crude slipped 25 cents, Gold dropped $24, and the USD was higher. Medium term support rises to the 2085 and 2070 pivots, with resistance at the 2131 pivot. Tomorrow: FHFA housing at 9am, then Existing home sales at 10am.

The market opened higher today, pulled back to unchanged, rallied to SPX 2094, then closed where it had opened at 2089. After starting the week with a gap up opening to SPX 2101, the market has pulled back and gone into a trading range between the low 2080’s and low 2090’s. While it does look like a consolidation period after a 30 point ramp up, with the Br-vote on Thursday the SPX may just be on hold for now. Short term support rises to the 2085 and 2070 pivots, with resistance at SPX 2121 and the 2131 pivot. Short term momentum remained around neutral for most of the day. Best to your trading!

MEDIUM TERM: uptrend

LONG TERM: neutral

CHARTS: https://stockcharts.com/public/1269446/tenpp

About tony caldaro

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225 Responses to Tuesday update

  1. fotis2 says:


    Very interesting artcle I think Tore you will like this part…..

    ”…My birthday gift to myself for the last couple of years has been a week of silence at a vipassana meditation retreat. Being silent for a week, and trying to empty your mind of thought, is not for the faint of heart, but I do wish that everyone could try it at least once. During my first retreat, I wondered how a simple tomato could taste so good, why I did not mind physical discomfort as much, how looking at a single flower for 45 minutes was even possible, let alone so gratifying. My thoughts — when I returned to the act of thinking about something rather than nothing — were fresher and more surprising…”

  2. vivelaamo says:

    European futures….the uncertainty returns…

  3. Jack Sparrow says:

    just went long with stop one point below stop…easiest and safest play…minimal down risk

  4. vivelaamo says:

    A lot of people are voting NO with many I have spoke to already done so via postal vote. There is still scope for a suprise.

    • Vive.., sorry utter chaos, disaster. Can you please say (if you have time) “No” means? —-Should the United Kingdom remain a member of the European Union or leave the European Union– is the Q. So, “No” to what?

    • There is either wishful thinking for a bear and extreme pessimist or perhaps it’s a legit survey? You seem to be the only one with such a decisive outcome. Just how many people do you know? I suppose if it turns out YES you will declare those hanging chads were not counted correctly.

      Got to love the scientific analysis. What are the bookies saying? Seems the only hope for the perma-bear is external events. Someone has to tell me what external event so far has caused a secular bear market? BREXIT is your last hope. Me, I will be looking for any deep drop to be a huge buying opportunity. has been in the past, and with the rate hike out of the way for now it is a shoe in bet.

      • vivelaamo says:

        I actually thing we will vote to remain. I’m just suprise how many people I have spoken to have voted to leave. Many who I would have expected to vote remain. Anyway I don’t care what happens to the market as i think we will drop regardless of the outcome. I’m thinking about the future of my child in this country.

        • In that case it truly doesn’t matter. Your child as all children are already screwed from 50 years of corruption and corporate control. But lets not think there is anything special about our times. We will cycle and repeat over and over again until we enact real reform that place the welfare of individuals first. 1930’s here we come. 2020’s is more likely to be the era of repeat. For now enjoy the show. there is absolutely nothing that can NOW change this cycle. Silly notion that the EU is the cause of any such demise. Like lynching blacks during the NY riots over civil war conscription. Made no sense but it sure did divert the problem by venting onto something. We vent today but the action is meaningless.

    • mcgcapital says:

      Lets hope so Vive.. The market clearly thinks it’s in the bag

  5. blackjak100 says:

    Still looking for 2105ish pending 2085.68 holds

  6. Ajay Singhi says:

    SPX tgt 2065 by tomorrow.

  7. Jack Sparrow says:

    so the question is did we just 1 or A after the mini fall….1 million dollar question

  8. phil1247 says:

    HOPE everyone is enjoying the CHOP-O-RAMA

    hosted buy da boyze

    i refuse to play because i suspect da boyze have pocket aces

    and i know i am holding seven deuce off suit

    hasta !!!

  9. Peter Sliney says:

    This last swoosh down looks maybe like a foot hold aka a bear trap. If this market does make new highs there’ll be enough bear pelts to cover China.

  10. wouldn’t be surprise if we grind higher rest of day and close at the highs

  11. Jack Sparrow says:

    today failure was at the long term trend line from 1800- lets see

  12. micky says:

    failed 5th, flat 4 , abc, awaiting our resident ew analysts take with interest

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