Friday update

SHORT TERM: gap down opening then rebound, DOW +11

Overnight the Asian markets lost 0.4%. Europe opened lower and lost 0.8%. US index futures were lower overnight and the market gapped down to SPX 2353 at the open. The SPX had closed at 2364 yesterday. Right after the open the market started to rebound. At 10am consumer sentiment was reported higher: 96.3 v 95.7, and new home sales were reported higher: 555K v 536K. The market continued to move higher throughout the day, turning positive in the last hour and closing at SPX 2367.

For the day the SPX/DOW gained 0.10%, and the NDX/NAZ gained 0.20%. Bonds gained 17 ticks, Crude slid 40 cents, Gold rose $8, and the USD was higher. Medium term support remains at the 2336 and 2321 pivots, with resistance at the 2385 and 2411 pivots. Today the WLEI was reported lower: 60.5% v 61.1%, and the Q1 GDP estimate was reported unchanged at 2.4%.

The market gapped down at the open for the second Friday in a row. Last week the market hit its low in the first few minutes, then rallied to close the gap and end at the high of the day. Today the market also made its low in the opening minutes, rallied, and also made its high at the end of the day. While the market did pullback 15 points from yesterday’s SPX 2368 high it still did not register an RSI oversold condition today. Relentless uptrend. Best to your weekend, weekend update tomorrow am.

MEDIUM TERM: uptrend

LONG TERM: uptrend

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

About tony caldaro

Investor
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29 Responses to Friday update

  1. http://stockcharts.com/h-sc/ui?s=GDX%3AGLD&p=D&st=2015-06-04&en=today&i=p89439681095&a=508810249&r=1487901691146
    Okay,a chart from stockcharts,which the author stressed was a big sell signal-similar to last summer.Yes,Newmont missed earnings.If DXY gets over 101.70,probably no H&S.Miners are very erratic and unpredictable right now.Should have gone down a week go,should have went up a couple days ago.One more sour day from GDX is worth a sell.Or we may be playing that great game of “Whipsaw”.Good luck all.

  2. Thank you TC. Baseball is starting.

  3. fionamargaret says:


    Thanks Chris Kimble

    Thanks Tony….and everyone xx

  4. Bud Fox says:

    Something New — I have com across a new method of applying the OBV indicator.
    By – using a 6 day chart on freestockcharts.com Usinmg a 6 day period of the SP500.
    The OBV, displays the 2009, OBV low very well. And, since. The 6 day OBV has been
    in a strong raising trend pattern. Yes, OBV is at new highs, but no sign of a sell signal
    as yet. Came across this new 6 day chart pattern of the OBV. Quite by accident, but.
    I rather like it….wish to see the chart ? email me bud_67@hotmail.com….
    This is a product, you could use on your own. There is no cost to creating it.
    Bud

    • micky says:

      That’s the spirit Bud, never give up. I hope someday you will find the holy grail, but I am afraid it seems you are looking in the wrong places. Only recently you said the obv made a top, now you saying its “raising”..does that mean its rising yet again and one should discard its recent signal?

  5. Peter Sliney says:

    I think the Dow is blowing up to 30,000 without too much of a pullback. As the world economy grows and populations increase the U.S. stock market still is the most stable and regulated in the world. And that’s where the money goes.

  6. mtu MTU says:

    MTU weekly commentary – Tracking the Upswings (2/24/17)
    from the 2009 low, the Feb 2016 low, the pre-election low.
    http://market-timing-update.blogspot.com/2017/02/mtu-weekend-ed-tracking-upswings-22417.html

  7. 123 abc says:

    Thank you Tony et OEW team, appreciate the great updates this week.

    Guessing that Nano-iv either completed at today’s low, or is still in progress; surpassing 2369 ought to confirm the former, preference is the latter.



  8. thanks Tony.

    has the DJIA ever closed at new all time highs for 11 straight days before?

  9. Too strange a day to comment on.Bond yields get pounded down,dollar lifts from 100.60,stocks follow like proper sheep.Gold loves yields falling,GDX doesn’t.See if that continues or not.Good weekend all.

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