Monday update

SHORT TERM: market rebounds, DOW +108

Overnight the Asian markets gained 0.8%. Europe opened lower and lost 0.3%. US index futures were higher overnight. At 8:30 personal income (0.4% v 0.2%)/spending (0.3% v 0.4%) were reported higher, and PCE prices were reported higher: 0.1% v 0.1%. The market opened 5 points above Friday’s SPX 2169 close and continued to rally. Around noon the SPX hit 2183, then it drifted for the rest of the day to close at 2180.

For the day the SPX/DOW gained 0.55%, and the NDX/NAZ gained 0.20%. Bonds gained 18 ticks, Crude dropped 70 cents, Gold rose $2, and the USD was flat. Medium term support rises to the 2177 and 2131 pivots, with resistance at the 2212 and 2252 pivots. Tomorrow: Case-Shiller at 9am, and consumer confidence at 10am.

The market opened higher today, rallied to SPX 2183 by noon, then went sideways for the rest of the day. The choppiness from SPX 2188, in the second week of August, continues. Since the uptrend began at SPX 1992 in late-June there have been three significant and similar pullbacks: 35 pts. in the beginning of July, 30 pts. in the beginning August, and recently 34 pts. from the 2194 all time high. The market will need to do something more substantial that 35 pts. on the downside to get the downtrend going. Until that happens the possibility of an uptrend extension exists. Short term support is at the 2177 and 2131 pivots, with resistance at the 2212 and 2252 pivots. Short term momentum hit overbought during today’s rally. Trade what is in front of you!

MEDIUM TERM: uptrend may have topped

LONG TERM: uptrend


About tony caldaro

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78 Responses to Monday update

  1. cyanus66 says:

    So, rabbit, with great respect, but NUGT after a double top having broken support at $20.57 and in free fall, first serious ext. short support at $15.84, already a 15% non-realized loss, you would consider not offering any more free advice to add lower?
    Perplexed, constructively so.


  2. gtoptions says:

    Thanks Tony
    SPY ~ Testing WPP @ 217.71
    Short term technicals oversold, Bias turning Bullish.
    GL All


  3. learnedmylesson25 says:

    Added 10% today GDX.Will add more as warranted.+ div on daily…maybe on weekly.Good luck all.


    • learnedmylesson25 says:

      Fib retracements from Rambus.Notice the gaps.Will add at each gap,if downtrend continues.Should be some kind of rally imho.Rabbit may be right on target with Sept 2nd.I mentioned that also.No rush to get in,wait for a gap up–though I added a bit more today–Good luck all.


  4. johnnymagicmoney says:

    short Goldman, Boeing, Chevron, Amazon, Apple, Caterpillar, Banc of America


  5. phil1247 says:

    last one

    es 2169 target hit
    spxu stops raised

    now bounce or collapse in extension shorts ?
    anyone see a pattern in gold, es, and cl??

    Answer>>>>>the dollar is in extension longs

    have a great afternoon all !


  6. phil1247 says:


    extension long under pressure

    if it fails
    support drops to 1179 /gcz6


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