Monday update

SHORT TERM: lower open pullback continues, DOW -9

Overnight the Asian markets gained 0.1%. Europe opened lower and lost 0.2%. US index futures were lower overnight and the market opened 3 points below Friday’s SPX 2378 close. In the opening minutes the market ticked down to SPX 2374, then rallied to 2380 by 10:30. After that the pullback resumed. Around 3pm the SPX hit 2370, then bounced to close at 2373.

For the day the SPX/DOW lost 0.05%, and the NDX/NAZ gained 0.05%. Bonds gained 10 ticks, Crude dropped 35 cents, Gold rose $6, and the USD was higher. Medium term support remains at the 2336 and 2321 pivots, with resistance at the 2385 and 2411 pivots.

The market opened lower today, bounced to turn positive in the first hour of trading, then resumed the pullback that started last Wednesday from SPX 2390. From the SPX 2355 Nano wave iv low on March 9th, we now have a choppy advance: 2377-2355-2390-2370 so far. Normally this would suggest Nano iv is still underway. However, when reviewing the SPX hourly chart this type of pattern is exactly how Nano wave iii began. With that in mind we maintain the count as is, and await further short term market activity. Short term support is at SPX 2353/55/58 and the 2336 pivot, with resistance at the 2385 pivot and SPX 2401. Short term momentum hit oversold at the low, and ended the dya just above it. 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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152 Responses to Monday update

  1. alexh110 says:

    Tomorrow marks the end of the 94 trading day cycle that was previously in the market. (The last low of that cycle was the US Election.)
    Until today I thought that cycle was completely dead; but I now think it may herald a significant low tomorrow. (An after-echo if you like.)

  2. Looking for the update,forgot–I have to wait for the swarm to breakup today.I’ll throw my 2 cents in.Would seem,as with GDX a couple weeks ago,once the charts got bearish,it doesn-t repair itself in a day.GDX didn’t close well,but made a high over 23.45.Was that a buy signal for Ira?I ll let you know later.I’m waiting for the 13/34 bullish crossover to really buy.TLT has a huge gap up to 130 to fill.Big vote on Trump’s healthplan Thursday.Now back to our movie, “the Swarm” with James Brolin (I think it was…wild guess.Think it came out around 1980).

  3. micky says:

    added longs again, looks its done or limited downside

  4. Hugh Jazole says:

    The VIX still laughing at the bears.

  5. scottycj1 says:

    CIT tomorrow PM’s on Thursday

  6. Bud Fox says:

    Just to continue from 3/20 — the Bearish strategy is likely to work out rather
    well, for a patient old man, like myself. But….the risk is. That the final top
    in the SP is not yet in place. If that is the case. Then I need to monitor the
    Defensive position, closely, each day….for now all Cherry Blossom flowers.
    Yes, going to the Cherry Blossom show in Macon, Ga…Wednesday….end

  7. NEWBIE says:

    You guys ready??? we are bout to drop 25 spx points hard to 2325 from 2350

  8. kingfrogcash says:

    for a bounce what is the target to watch 2358 ?

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