SHORT TERM: gap up opening post op-ex, DOW +77
Overnight the Asian markets gained 0.5%. Europe opened higher and gained 0.1%. US index futures were higher overnight, and the market gapped up to SPX 2152 at the open. The SPX had closed at 2141 on Friday. In the opening half-hour the SPX hit 2155, and then started to pullback. By 12:30 the SPX had reached 2147, and then started to drift higher. In the last hour of trading the SPX hit 2152, then closed at 2151.
For the day the SPX/DOW gained 0.45%, and the NDX/NAZ gained 1.10%. Bonds lost 6 ticks, Crude slipped 25 cents, Gold dropped $3, and the USD was higher. Medium term support remains at the 2131 and 2116 pivots, with resistance at the 2177 and 2212 pivots. Tomorrow: Case-Shiller and FHFA housing at 9am, then consumer confidence at 10am.
The market gapped up at the open for the first time since last Tuesday. In fact, looking back from the SPX 2115 low, all three rallies (2149, 2148 and 2155) have included a gap up opening. At the open the market cleared the first two rally highs at 2149 and 2148. Then after a pullback to SPX 2147 this rally closed above both of the previous rally highs. Is the uptrend finally getting legs? We now have 5 small waves off the SPX 2115 low: 2149-2124-2148-2130-2155. Thinking this market needs to make new highs before anyone gets that excited. Short term support is at the 2131 and 2116 pivots, with resistance at the low-2150’s and mid-2160’s. Short term momentum hit quite overbought after Friday’s positive divergence, then ended at ovebought. Best to your trading!
MEDIUM TERM: downtrend may have bottomed
LONG TERM: uptrend
the ELLIOTT WAVE lives on 
Go long after the election weekly charts on rit and spx should bottom around Nov 8th,rut shoulf embedded at bottom as spx pierces 20 level
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for Fiona and the rest who follow oil…the pattern that i saw in my dream has not been invalidated yet and it is playing almost to the perfection. so what we have from low of 26 is a contracting diagonal (A that is)…we just completed the 3rd move up of this diagonal…now we should head down to 46 and then a move up to complete the 5th ) and final move up to complete the diagonal (but we should go above 52ish… and then we go down in B (dont know how many dollars) which will then set up a sharp move up for C which will take the oil to 70… the above to play out in coming months to a next summer.
remember this post in the future
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“should not go above 52”
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So far closed gap lets see where to from hereon.Looking at this add today claiming 864% gain on trading acc. and wait for the punchline …in 5 months….I mean really 864% in 5months??geeez
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…probably playing penny stocks Fotis, and maybe he had only $500 to start with….
you do really well…don’t drive yourself crazy…..x
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http://vignette3.wikia.nocookie.net/degrassi/images/6/61/Break_dancing_bear.gif/revision/latest?cb=20130811082514
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Thanks! Should be up nice manana’…
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We should hit at least 2105 tommorow
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Why
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Wave iii down to 2105 area then small pop for wave iiii followed by wave v down to 2090 -2060
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Wow this is dull. We need some kind of shock lest this market float here forever. Maybe Yellen announces she’s buying 100% of the equity market or Russia nukes ukraine. Either one might be good for a dozen points or so.
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Well, because everyone is upset at the choice of electoral candidates, “they” could make them run together….survivor..??
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Joe Biden would have been much better, he should have ran. I would like to see Jamie Dimon run!!!
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