Wednesday update

SHORT TERM: lower open then rebound, DOW -42

Overnight the Asian markets gained 0.3%. Europe opened higher and gained 0.4%. US index futures were lower overnight, and the market opened 5 points below yesterday’s SPX 2359 close. In the opening minutes the market ticked down to SPX 2353, then rallied to 2362 by 11am. At 10am pending home sales were reported higher: 5.5% v -2.8%. Then after a pullback to SPX 2356 by 11:30 the market started to work its way higher. Around 3pm the SPX hit its high for the day at 2363, then ticked down to close at 2361.

For the day the SPX/DOW were mixed, and the NDX/NAZ gained 0.40%. Bonds gained 8 ticks, Crude rallied $1.05, Gold added $3, and the USD was higher too. Medium term support remains at the 2336 and 2321 pivots, with resistance at the 2385 and 2411 pivots. Tomorrow: Q4 GDP final (est. 2.0%) and weekly jobless claims at 8:30.

The market opened lower today, then rebounded for the rest of the day. After nearly two days of rally, from SPX 2322-2264, today looks like a consolidation day. The next market objective, to keep this rally going, would be to challenge the 2385 pivot. So far this rally looks like two waves [2322]: 2364-2353, with possibly the third wave underway. Short term support is in the mid-2350’s and the 2336 pivot, with resistance at the 2385 pivot and SPX 2401. Short term momentum remained around overbought for most of the day. Best to your trading!

MEDIUM TERM: uptrend rebounding

LONG TERM: uptrend

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

About tony caldaro

Investor
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104 Responses to Wednesday update

  1. vivelaamo says:

    Can you believe just a week a go the Newbies were out in fall force calling for further drops. Now we are a few points away from a short term trend reversal and closer to all time highs then bearish targets. As Phil warned us. It’s a Salami market!!!

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  2. Jim B. says:

    time to short this pig with a tight stop

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    • micky says:

      I cannot argue with you there, as my gadget gave me a second target from the 2352 low of 2370, very short term, but if that high is surpassed there is a way to go to the 3rd target, which I don’t have yet as it is time dependant too. GL with the pig.

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    • vivelaamo says:

      Good luck. Worth a scalp

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  3. torehund says:

    LO-kongressen at Rut, is that diminishing order 2s back from 27 of March, soon building into a squeeze ?

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  4. 2400 by Monday, Squeeze.

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  5. micky says:

    Hi Richard G, what time do you expect the weakness to really kick in?

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  6. gtoptions says:

    Thanks Tony
    SPX ~ +55/89 @ 2377/2411 (OEW Pivot 2411)
    Looking at the way back machine, many 5th looked like 1 wave, small PB’s.
    GL All

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  7. tommyboys says:

    RUT leading higher today – HOD now…

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  8. phil1247 says:

    SPX

    nothing has changed

    bearish below 2371

    target 2303

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    • vivelaamo says:

      Was always going to hold first attempt. Will be above by end of week.

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    • fionamargaret says:

      ..how about DB at 2343….

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      • fionamargaret says:

        “…how about DB at 2343…”
        Let’s parse the wordage….was it a remark, a question, or a suggestion?
        Did I mean DB (the bank) at 23.43, or Double Bottom at 2343.
        Of course anyone can wriggle out of a statement that is not going their way, but that is not what honour and integrity are all about…so let’s just see what happens tomorrow…
        I will tell you a couple of pertinent details…remember I gave you the algo for oil quite a few times (47-51).. actually shy of 51…. like right about now….so if oil sells off…..
        Remember when Tony slipped a little trampoline on 2321…..well I slipped a magnet on 2343, so of course it will get back there and sit…remember this is not fibonacci it is magic.
        But do bail if things don’t go our way….I do care about you all x

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    • lunker1 says:

      ? SPX is above your 2363 pivot?

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      • phil1247 says:

        midday low was 2363.15

        that is the ACTUAL number of the phfill PIVOT

        just a coincidence i guess 😉

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        • phil1247 says:

          yes …i did buy there

          how could i not ?

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          • phil1247 says:

            it was also the .618 level of a 15 min long
            that has a target of 2373…..which would break the short at 2371

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          • aahmichael says:

            Since I know that lots of people on this board follow your trades religiously, then why did you post the following, 10 minutes after you got long at 2363.15?

            phil1247 says:
            March 30, 2017 at 11:51 am
            SPX
            nothing has changed
            bearish below 2371
            target 2303

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          • phil1247 says:

            ah michel

            anyone reading my posts should be aware
            that just because there is a bearish below daily short at 2371 spx

            that will not stop me from making intra day long trades where i see an opportunity

            also everyone should be doing their own homework
            because a trade that i post at
            10 am could already be gone and reversed at 1015 am

            i am going to trade both sides
            and not let my profits disappear
            like so called money managers like to do

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          • phil1247 says:

            Please do not respond to my posts

            you will not be getting any more responses from me in the future

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    • micky says:

      phew! thanks, that sounds a lot better than melt up and collapse Phil. Just kidding buddy.

      Like

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