Tuesday update

SHORT TERM: lower open then new highs, DOW +92

Overnight the Asian markets lost 0.4%. Europe opened lower and finished mixed. US index futures were flat to lower overnight, and at 8:30 the PPI was reported higher: 0.6% v 0.3%. The market opened 3 points below yesterday’s SPX 2328 close, ticked up to 2328, then declined to 2322 just before 11am. At 10am FED chair Yellen’s testimony was released: https://www.federalreserve.gov/newsevents/testimony/yellen20170214a.htm. The market then started to rally. Just past 2pm the SPX hit 2336.88, nearly clearing the 2336 Primary B wave limit. Then after a pullback to SPX 2333 by 3pm, the SPX closed at 2338.

For the day the SPX/DOW gained 0.40%, and the NDX/NAZ gained 0.30%. Bonds lost 12 ticks, Crude rose 10 cents, Gold added $2, and the USD was higher. Medium term support rises to the 2336 and 2321 pivots, with resistance at the 2385 pivot. Tomorrow: the CPI, NY FED, and retail sales at 8:30; then industrial production at 9:15; then business inventories and the NAHB at 10am.

The market opened slightly lower today, declined to SPX 2322, and then resumed the rally. Just past 2pm the SPX hit 2336.88, nearly clearing the 2336 Primary B wave limit. The DOW had already cleared its B wave limit, and now the SPX has done the same at the close. The last potential bearish count can now be discarded. Short term support is at the 2336 and 2321 pivots, with resistance at the 2385 pivots. Short term momentum is displaying a potential negative divergence at the close. 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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169 Responses to Tuesday update

  1. STEPHEN BARTLETT says:

    I use neowave. Glenn Neelys Elliott wave. Levels up to 2380 look to be pivotal. Above 2400 I also think 3000 is realistic. Before then, I see very credible counts for a complete low to high move from 2008 now coming to an end. I will learn how to post a chart one day.
    Should get a demark sell signal on Nasdaq end of next week, week after. Weekly signal so fairly powerful. Even if his stuff is hocus pocus it’s well watched so somewhat self fulfilling.

  2. prechterized says:

    Interesting that on relatively bullish price action, VIX is up nearly 10%. Not sure if this is market makers pricing premium into puts as they know people will look for protection or the sign of something nefarious ahead.

  3. Bud Fox says:

    SP500 at 2347, starting to give me a “nose” bleed…

  4. rabbittrader1 says:

    Tony. In terms of Objective Elliot Wave , what would be the 3000 target you have mentioned as a posibility (probability ) in one to three years ? Primary III top of this present wave ? or minor 3 top of this present wave or WHAT? hank you Rabbit New London CT. Thanks

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