Thursday update

SHORT TERM: gap up opening sold, DOW -30

Overnight the Asian markets lost 0.4%. Europe opened lower but gained 0.2%. US index futures were lower overnight, then turned higher. At 8:30 weekly jobless claims were reported lower: 258K v 260K, and durable goods orders were reported lower: -0.1% v 0.0%. The market gapped up to SPX 2147 at the open and immediately began to pullback. The SPX had closed at 2139 yesterday. At 10am pending home sales were reported higher: +1.5% v -2.4%. By 10:30 the SPX had closed the gap and hit 2133. After that the market tried to rally again. The rally ended at SPX 2142 around noon. Then the market pulled to SPX 2133 and closed there.

For the day the SPX/DOW lost 0.20%, and the NDX/NAZ lost 0.60%. Bonds dropped 14 ticks, Crude rose 45 cents, Gold added $2, and the USD was higher. Medium term support remains at the 2131 and 2116 pivots, with resistance at the 2177 and 2212 pivots. Tomorrow: Q3 GDP (est. +2.3%) at 8:30, then consumer sentiment at 10am. Today the Q3 GDP estimate was raised to 2.1% v 2.0%.

The market gapped up at the open today for the second time this week. But unlike the first one which wasn’t sold until the next day, this one was sold immediately. Since the SPX 2115 low, this is the fourth gap up opening that has been sold. This is quite similar to the series of gap up openings that were sold in September after the SPX 2120 low. As a result, just like in September, a choppy pattern continues to unfold. Short term support is at the 2131 and 2116 pivots, with resistance in the mid-2140’s and low-2150’s. Short term momentum remained between neutral and oversold all day. Best to your trading tomorrow’s Q3 GDP report.

MEDIUM TERM: downtrend may have bottomed

LONG TERM: uptrend

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

About tony caldaro

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161 Responses to Thursday update

  1. H D says:

    was there news today? Here’s a chart I posted at the open of the symmetry I noted in Wednesday. Tip your servers.

  2. The Russians and Republicans can be thanked for the lasted drop today. Imagine allowing the Russians to have direct influence on the election. I suspect it will backfire BIG TIME. Clinton is not Obama. As hawkish a democrat as they have. She will make PUTIN regret what he is doing. I can only hope she doesn’t go to far.

    Imagine making public because of Republican pressure on the federal investigation to re-open the case. Make public BEFORE there is anything that suggests criminality. Right before the election. The really dumb thing about the REPUKS is that they can’t seem to get past their anger over Hillary and realize that if TRUMP gets elected they are all screwed. he will make way for a glorious sweep of both houses and presidency after we get a taste of his command for 4 years.

    What stupid party heads, especially the Republicans that could have put up a cardboard box of a candidate and won the election. The Democrats aren’t much brighter for anyone else would be leading by over 20 points against TRUMP.

    Who could have written a sitcom so outrageous as the reality of the current situation?

    • Not to be political, just trying to open this to reasonable discussion.
      So how did the Republicans ever get these e-mails?
      And how do you know they are even involved in this?
      Maybe the CIA wants no part of Hillary.
      Ever think of that?
      Read up on Aldrich Ames.
      https://en.wikipedia.org/wiki/Aldrich_Ames
      The CIA takes a very dim view of this casual approach to international relations.

      • Actually the latest supposed “new revelation” was from Anthony Weiner when they looked into his child porn. Seems once they discovered he had e-mails relating to Hillary the republicans seized on it. the re-opening of investigation without any knowledge of any new information should not have been leaked to the press. A field day and 10 days before election. No politics there? I can guarantee you that they will find absolutely nothing new BUT it will only be announced after the election. Seems will do anything and everything to make sure TRUMP is still in the game. Kind of stupid if you ask me since he is such a loose cannon and hates established politicians the republicans can only hurt themselves more.

        What do you suppose Hillary will do if she does become President? Forgive and forget? Not likely. She is one person I wouldn’t want to bet against or become a target of hers.

        A Stephen King novel with such absurd story line that it would have to be set in science fiction. Can our political system get any worse or disconnected with reality? Stay tuned in.

        Maybe a WBF new duo. The groper vs. the bitch.

  3. johnnymagicmoney says:

    I think even Clinton supporters can say that “provided she wins she still deserves to sweat big time”. If you don’t at least say that you are a reatrd

  4. johnnymagicmoney says:

    Russell only has about 4 more gaps to fill

    now they are acting like F-in Magnets”

    the F-in magnets are back!!!!

  5. gtoptions says:

    Still an hourly +/div
    Still hope for both #DeplorablePresCandidates

  6. phil1247 says:

    /CL

    crude came within 4 cents of 48.38 target

    if we do not collapse thru target very soon i am taking my SCO profits here

  7. phil1247 says:

    sold gld

    most aggressive extension failed

  8. Gdx 20 d sma 23.83.Must stay above to have ANY bullish connotation to the Clinton/FBI story.

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