Tuesday update

SHORT TERM: market drifts higher, DOW +36

Overnight the Asian markets gained 0.5%. Europe opened higher and gained 0.9% again, just like yesterday. US index futures were higher overnight, and at 8:30 the trade deficit was reported higher: -$42.6B v -$36.4B. The market opened two points above yesterday’s SPX 2205 close then dipped down to 2202 by 10:30. At 10am factory orders were reported higher: 2.7% v 0.3%. Then the market started to drift higher. Heading into the close the SPX hit 2213. Then closed at SPX 2212.

For the day the SPX/DOW gained 0.25%, and the NDX/NAZ gained 0.35%. Bonds added 1 tick, Crude slid $1.05, Gold slipped $1, and the USD was higher. Medium term support remains at the 2177 and 2131 pivots, with resistance at the 2212 and 2270 pivots. Tomorrow: consumer credit at 3pm.

The market opened slightly higher today, pulled back to within one point of yesterday’s low, then rose to within one point of the all time high at SPX 2214. A marginally higher day than yesterday. With Europe rallying 0.9% two days in a row, after Italy’s Renzi-exit vote, continued strength across the pond should assist US equities while pundits await next week’s FOMC meeting. Still waiting for new highs to firm up Minute wave ii. Short term support remains at the 2177 and 2131 pivots, with resistance at SPX 2214 and the 2270 pivot. Short term momentum was quite overnight at today’s high. Best to your trading!

MEDIUM TERM: uptrend

LONG TERM: uptrend

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

About tony caldaro

Investor
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205 Responses to Tuesday update

  1. Next long entry for a stronger upside is at 2228 ES globex and 223.50 SPY. If it gives…

  2. kvilia says:

    Guys, do you want me to put a knife in this uptrend? Just ask me, all I need to do is go long. But I won’t, so you are safe.

  3. johnnymagicmoney says:

    2241……………………….. you just saw 1 of 5 of 5

    here comes the pullback.

    Id say we do a bunch of nothing til the FOMC meeting (but just saw the short term top) and then have a quick selloff that lasts 1 to 3 days that’s sharp and quick. Followed by extra euphoria for the rest of the year for 3 of 5 of 5. Then 4 and 5 in the first half of 2017

    then kaboom

  4. CampFreddie says:

    From HFT alert (twitter).
    THE LARGEST SINGLE PROGRAM I HAVE EVER SEEN JUST RAN AT 1:21 TARGETING 1500 INDIVIDUAL ISSUES.
    Take care all , this can often be a contrarian signal.

  5. pooch77 says:

    2040… need 6 more dow points for 309

  6. johnnymagicmoney says:

    I TOOK ALL OF MY MONEY AND PUT IT INTO TNA ON MAX MARGIN – NO MORE SHORTS!!!
    NEWBIE & I ARE STARTING A NEW LEVERAGED LONG FUND _ ANYONE WANT TO JOIN?

    maybe that will bring the top in =)

  7. CampFreddie says:

    Jeez, mkts move so fast these days —
    $3.1 Billion worth of S&P 500 futures traded between 13:21:14 and 13:21:15 ET. That’s a record (excluding open/close)

  8. vivelaamo says:

    I see one or two usual suspects have popped in to call a top. Technical reasons please?

  9. phil1247 says:

    newbie made me nervous with the bubble and pin

    took off more at 2230 target

    • phil1247 says:

      only 50% long with upro now

      sell to the sleeping point

      i will sleep like a baby tonite with my positions……

      that means i will wake up every 2 hours …crying 🙂

    • vivelaamo says:

      Newbie’s been holding a pin to a bubble for over 8 years. His hands must be tired.

  10. EL MATADOR says:

    2350-75 by Jan-Feb….that’s all folks

  11. pooch77 says:

    So we went from electing the Devil for the market to the all mighty

  12. cliffuzan says:

    Very overbought. Good time to sell everything.

  13. pooch77 says:

    Target spy 2240 Dow +300

Comments are closed.