SHORT TERM: lower open then new highs, DOW +107
Overnight the Asian markets gained 0.5%. Europe opened higher and gained 0.4%. US index futures were flat to lower overnight. At 8:30 the CPI was reported higher: 0.6% v 0.3%, the NY FED was reported higher 18.7 v 6.5, and retail sales were reported higher: 0.4% v 0.6%. Then at 9:15 industrial production was reported lower: -0.3% v 0.8%, as was capacity utilization: 75.3% v 75.5%. The market opened 3 points below yesterday’s SPX 2338 close, then immediately started to work its way higher. At 10am business inventories were reported higher: 0.4% v 0.7%, and the NAHB was reported lower: 65 v 67. The market then rallied to SPX 2345 just before 11am, dipped to 2339 by 11:30, then moved even higher. Just past 3pm the SPX hit 2351, then dipped to end the day at 2349.
For the day the SPX/DOW gained 0.50%, and the NDX/NAZ gained 0.60%. Bonds lost 9 ticks, Crude slid 15 cents, Gold added $5, and the USD was lower. Medium term support remains at the 2336 and 2321 pivots, with resistance at the 2385 pivot. Tomorrow: housing starts, building permits, weekly jobless claims and the Philly FED all at 8:30.
The market opened slightly lower again today, but immediately reversed and started making new highs. Just past 11am the SPX cleared the 2336 pivot, pulled back, and then headed higher. The market has now risen from late-January and SPX 2267 to SPX 2351, with the largest pullback only 17 points. This 3-month uptrend, which started at SPX 2084 in early-November, is now nearing our initial SPX 2380’s target posted in early November. Market breadth is making new highs, daily/weekly MACD’s are moving higher, but the hourly/daily/weekly RSI’s are getting a bit frothy. Would not be surprised to see a 20+ point pullback soon. Then higher highs. Short term support is at the 2336 and 2321 pivots, with resistance at the 2385 pivot. Short term momentum is extremely overbought. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend
the ELLIOTT WAVE lives on 
Snapchat parent sets IPO valuation at up to $22.2 billion
“Snap Inc. set a valuation for itself between $19.5 billion and $22.2 billion, according to people familiar with the matter, as the disappearing-message app company nears its landmark initial public offering.”
The valuation range, which equates to $14 to $16 a share, is near the low end of the $20 billion to $25 billion range the Snapchat parent company had earlier targeted. ”
http://www.marketwatch.com/story/snapchat-parent-sets-ipo-valuation-at-up-to-222-billion-2017-02-16
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Snapchat will “only” be valued at $22 billion instead of the earlier $25-35 billion.
Any heavy hitters out there buying or shorting?
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New Issues are not available for short for certain period. Regarding buying, it is never about fundamentals and its all about day trades looking at 3-5 mins chart at the open and rest of the day for day trade.
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Also CEO mentioned that they might never be able to make single $ in profit. Wallstreet might love this when shares are available for short. They might run the bears into the moon. Clearly focus on the price action if you are looking to trade new IPO’s.
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Okay,they’re looking at March 2nd for their debut on the NYSE.Could be your short term top around then.Imho.
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Sure, but I’m talking in general… The stock will trade longer than 1 day. I’m not planning to trade it. I’m sure the first day will be volatile… it’s afterwards I’m talking about.
never make money? HaHa!!!!!
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So
the last time the monthly RSI on the DOW was this high was right before the financial crisis and the time before that was not too long before the dot com pop. Now I know I know it can stay elevated longer than you can expect or reason but seriously folks you are comfortable with that monthly reading on the DOW???? or a bunch of other sectors or indices?? Its nosebleed folks
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Dont think its a good idea to chase/enter new longs at this level SPX rsi also above 70 maybe sit tight a while and see what happens probably the hardest thing for a trader sitting on hands.
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Who gives a **** about a monthly RSI? dot com and financial crisis rallies were nothing like this. Unless there is an unexpected disaster about to happen what on earth Is about to make this market crash? Please save me from losing all my money and enlighten me.
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I just had a look. What timeframe you talking because on 14 it was higher in 2015 and much higher before the financial crash! Are you fiddling with indicators to make a bearish argument?
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One more high eom and maybe finally a pullback
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it was this high in 2012, 1995-97 and 1986.
all in the middle of strong uptrends
http://stockcharts.com/public/1269446/chartbook/152741551;
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