Wednesday update

SHORT TERM: higher open then further pullback, DOW -69

Overnight the Asian markets lost 0.1%. Europe opened lower and finished mixed. US index futures were flat overnight, then at 8:15 the ADP index was reported higher: 298K v 246K. The market opened 1 point above yesterday’s SPX 2368 close, rose to 2373 in the opening minutes, then began to pullback. At 10am wholesale inventories were reported lower: -0.2% v 1.0%. Around 11:30 the SPX retested yesterday’s SPX 2366 low. Then after a small rally to SPX 2372 just before 1pm, the market dropped to 2361 by 3:30. After that a small bounce ended the day at SPX 2363.

For the day the SPX/DOW lost 0.30%, and the NDX/NAZ gained 0.10%. Bonds dropped 12 ticks, Crude fell $2.85, Gold slid $7, and the USD was higher. Medium term support remains at the 2336 and 2321 pivots, with resistance at the 2385 and 2411 pivots. Tomorrow: the ECB meets, then weekly jobless claims and export/import prices at 8:30.

The market opened slightly higher today, hit SPX 2373, then made a new low for the Nano wave iv pullback at 2361 in late afternoon. With this decline reaching 40 points, versus the 34 point decline for Nano wave ii, we are now looking for a rising Nano wave v to get underway shortly. The first hint of this possibility would be for the market to rally more than 11 points. The largest rally during the 37 point decline has been only 11 points. At current levels this would only require a rally to today’s SPX 2373 high. Short term support is at SPX 2353 and the 2336 pivot, with resistance at the 2385 pivot and SPX 2401. Short term momentum continues to display a positive divergence. 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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139 Responses to Wednesday update

  1. Hey Tony and friends … just stopped by to say “Big Up!” Hope all are well 🙂

  2. torehund says:

    NeXT possible foothold for brent is 47,25, if it can hold a lower order X wave.

  3. vivelaamo says:

    Measured moves 😊

  4. lunker1 says:

    There’s Tony’s 11 points off the low

    • blackjak100 says:

      Yep and tomorrow should gap over 60 min RSI(5) = 50 which has been solid resistance

  5. gary61b says:

    selling seems to be a thing of the past since 2351on the esm7 looking at level 2361 as the wall break it or tumble…

  6. micky says:

    looks like ditd ,time to buy again ?

  7. H D says:

    Just an observation. Last week posed the question to the ENU Thinky thing: Does the 8 year anniversary of the bull market have any significance? 90% NO. Island reversal and 5 days of LL’s and LH’s already. Just maybe TIME is an element in the market.

    Also any other nano waves that got the daily oversold?

    CL WIDOWMAKER!

    • scottycj1 says:

      WD Gann said “Time is the most important factor”…..as I said some posts back…a CIT on the 9th….here we are.

      • micky says:

        good one Scotty

      • blackjak100 says:

        20/20 is always hindsight. When you’re wrong you just don’t say anything

        • vivelaamo says:

          Or just keep saying the same thing until you are eventually right.

        • scottycj1 says:

          BJ—(fitting)
          I said it in advance just like on November 3rd—-“not to be short”.
          Right before the biggest advance we have seen in years.
          There is always someone on this site who like to take a cheap shot.
          You also screwed up the saying which is “Hindsight is always 20/20”
          Try to get it right…..I’m gone from here…..figure it out on your own.

      • aahmichael says:

        Is this the post you’re referring to? If so, you had it backwards, as you said the 3rd was a CIT low, and it would rally into the 9th. But maybe you’re referring to a different post.

        scottycj1 says:
        March 3, 2017 at 8:29 am
        Today is a CIT….Low….maybe already seen in the overnight Futures….next cit 3-9

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