SHORT TERM: gap up opening, DOW +184
Overnight the Asian markets lost 0.1%. European markets were closed. US index futures were higher overnight, and at 8:30 the NY FED was reported lower: 5.2 v 16.4. The market gapped up at the open to SPX 2336, pulled back to 2332 in the opening minutes, then started to work its way higher. The market had closed at SPX 2329 on Thursday. At 10am the NAHB was reported lower: 68 v 71. The market continued to rise, with two additional 4-point pullbacks, into the last hour of trading. Heading into the close the SPX hit 2349, and closed there.
For the day the SPX/DOW gained 0.90%, and the NDX/NAZ gained 0.85%. Bonds dropped 6 ticks, Crude slid 55 cents, Gold lost $4, and the USD was lower too. Medium term support rises back to the 2336 and 2321 pivots, with resistance at the 2385 and 2411 pivots. Tomorrow: housing starts and building permits at 8:30, then industrial production at 9:15.
The market gapped up at the open for the first time since March 21st. That gap up was sold off, this one was not. The last time a gap up opening was not sold off the same day, was the uptrend high on March 1st. While today’s 20-point rally was a good way to start the week, short term momentum has already risen from quite oversold to overbought. So far it looks like a good bounce within an overall correction. With the SPX/DOW in confirmed downtrends, and the NDX/NAZ still awaiting confirmation. We would expect the latter to confirm a downtrend before this correction ends. Short term support rises to the 2336 and 2321 pivots, with resistance at the 2385 and 2411 pivots. Short term momentum ended the day overbought. Best to your trading!
MEDIUM TERM: downtrend
LONG TERM: uptrend
ref Bill O’ Reily comments — on the ladies…I enjoy Mr O. But,
he really needs to learn to keep his big mouth, shut. Alas, not so sure
he will learn how to be polite around the ladies…thus his TV future
looks dismal to me…alas….I should stay with stock market comments, too.
right?….yeah, I know….
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http://www.hollywoodreporter.com/news/bill-oreilly-accuser-says-he-called-her-hot-chocolate-leered-995158
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Lisa Bloom is an ambulance chaser of alleged sex discrimination cases.She’s still looking for a big win.I think she represented all 10 women in the Trump news conference extravaganza,back in 2016 before the election.That didn’t pan out.
Another ridiculous day as bonds rally,gold stocks don’t,dollar drops.Vix and stocks both drop.Glad I hit the casino instead of watching the bizarre trading today.Later.
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Thank you,, Learned. Great thoughts
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I posted at dow-125
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Reverse right here?
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IBM up next to take DOW down tomorrow. Will meet on both earnings and revenue, amazing how they do that, but will guide lower.
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how would you know that?
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beat by 3 cents miss revenues, same result down over 3 percent 6 bucks
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Just another euro day😩😩😩
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need more action to the upside, battling with second resist atm.
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Thanks Tony
SPY ~ Possible Symmetry & Pivot S/R Swing Target @ 236ish
Or, it drops into W/M Support.
Who knows, maybe a Trump Tweet will decide! 😉
GL All
https://www.tradingview.com/x/haKXWQFH/
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Trump Tweet 😉
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SNA is anticipating that Trump Tweet! 🙂
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There are different forms of retracements:
1) long, extension-long, extra-extension-long, extra-extra-extension-long, super-extension-long
and double-super-extension-long.
2) short, extension-short, extra-extension-short, extra-extra-extension-short, super-extension-short and double-super-extension-short.
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for that remark you are now on………….
DOUBLE secret probation !
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What was the name of the site where the DH futures trading methods are discussed?
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It was eminiaddicts.com. Does the DH stand for Dean Hoffman?
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Stand for David Hasslehoff.
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..maybe D.H. Lawrence….wishing to show flexibility…numbers with Lady Chatterley’s Lover thrown in …..maybe all xxx
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DH is my take as well….but we’lll…thank Vive…
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You guys told me before but I forgot.
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Thanks George.
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David Halsey
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http://eminiaddict.com/
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RUT still can’t even close below 1340. I don’t think there is anything to worry about yet.
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Vive should be low today than up into Friday.Hows the beach?
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Not going until Friday. Still got a few more days of great British weather 👍🏽
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