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
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.
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Thanks Tony
SPY ~ Testing WPP @ 217.71
Short term technicals oversold, Bias turning Bullish.
GL All
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follow the bouncing ball =)
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Added 10% today GDX.Will add more as warranted.+ div on daily…maybe on weekly.Good luck all.
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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.
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http://www.dailymail.co.uk/news/article-3764393/Apple-faces-bill-billions-Irish-tax-affairs-EU-rules-company-effectively-received-state-aid.html
15BILLION to pay back
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short Goldman, Boeing, Chevron, Amazon, Apple, Caterpillar, Banc of America
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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 !
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GOLD
extension long under pressure
if it fails
support drops to 1179 /gcz6
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1179?
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1179
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Well drawn Phil 🙂
I also get a possible bounce at $1220 and a more likely one at the 1.618 ext $1179, IF GC carries on falling.
Who knows? Maybe USD does!
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thanks cy
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