Monday update

SHORT TERM: market opens higher, DOW +60

Overnight the Asian markets gained 0.4%. Europe opened higher and gained 0.2%. US index futures were higher overnight, and at 8:30 the NY FED was reported lower: -4.2 v 0.6. The market opened five points above Friday’s SPX 2184 close and rallied to 2194 by 11:30. At 10am the NAHB was reported higher: 60 v 59. After hitting a new high the market went into a small trading range for the rest of the day closing at SPX 2190.

For the day the SPX/DOW gained 0.30%, and the NDX/NAZ gained 0.50%. Bonds lost 11 ticks, Crude rallied $1.35, Gold added $5, and the USD was lower. Medium term support remains at the 2177 and 2131 pivots, with resistance at the 2212 and 2252 pivots. Tomorrow: building permits, housing starts and the CPI at 8:30, then industrial production at 9:15.

The market opened at a new high today, rallied to SPX 2194, then drifted lower for the rest of the day. Thus far it looks like Minor 3 is moving right along, having risen from SPX 2172-2194. Since Minor 1 (2148-2188) was 40 points, Minor 3 would equal that at the 2212 pivot. The first Fibonacci resistance, however, is just ahead a SPX 2200 +/- 2 points. Short term support is at the 2177 and 2131 pivots, with resistance at the 2212 and 2252 pivots. Short term momentum hit quite overbought, and ended the day around neutral. Best to your trading!

MEDIUM TERM: uptrend

LONG TERM: uptrend


About tony caldaro

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116 Responses to Monday update

  1. mjtplayer says:

    Utilities are breaking down, a signal that rates are about to rise?


  2. kvilia says:

    Tony, Tuesday update link is not working.



  3. fotis2 says:

    Tx Tony looks like another 3BR on daily with CCI confirm lets see if it works this time this was going into Tuesday update but cant seem to open the page..


  4. magnus1234 says:

    F… the market. Sweden in the Final in the Olympic games in Football 🙂


  5. captbara says:

    Bulls want running flat for more grind up. Bears want ending diagonal. My perspective from a glance at the hourly chart.


  6. vivelaamo says:

    Looking to go long at 2176 but we may not even get there. Very weak pb.


  7. rd3777 says:

    Could be finished here as I had this Aug 15 area as a possible top but I still expect another rally for a 5 wave up…..but you never know…so far looks corrective down for the last 2 weeks in many leaders…


  8. gtoptions says:

    Thanks Tony
    SPY ~ Failure @ YR2 & Daily Shooting Star Candle, not inspiring confidence.
    Continued failure at YR2 @ 219.42, potential retest of MPP @ 213.91 ~ YR1 @ 212.01
    GL All


  9. manunidhi21 says:

    Namaste Tony.
    “”Just think back to August 2009. Did the fundamentals then support a 6-year bull market that would triple from the SPX 667 low?””” from weekend report

    I am lawyer and closed a house bought in Brampton,ON (satellite city of Toronto) in 2008 @ $269,000.00 for $ 825,000.00 in 2016. Mind you the house price did not fall in Toronto at all in 2008.

    People are paying off thr mortgages taking home line of credit or personal line of credit. I agree fundamentals do not support but….. Any view ?


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