Friday update

SHORT TERM: higher open then drift lower, DOW -41

Overnight the Asian markets lost 0.3%. Europe opened lower and lost 0.1%. US index futures were higher overnight, and at 8:30 Q1 GDP was reported lower: 0.7% v 2.1%. The market opened 2 points above yesterday’s SPX 2389 close and began to decline. At 9:45 the Chicago PMI was reported higher: 58.3 v 57.7, and at 10am consumer sentiment was reported lower: 97.0 v 98.0. The market continued to decline throughout the day with small 3 point bounces along the way. Just past 2pm the SPX hit 2382, then bounced to close at 2384.

For the day the SPX/DOW lost 0.20%, and the NDX/NAZ were mixed. Bonds gained 2 ticks, Crude added 15 cents, Gold rose $4, and the USD was lower. Medium term support drops to the 2336 and 2321 pivots, with resistance at the 2385 and 2411 pivots. Today the WLEI was reported lower: 55.9 v 56.5.

The market opened slightly higher today, but then drifted down to SPX 2382 just before closing at 2384. After rallying nearly 50 points to midweek the market has now pulled back 17 points from that SPX 2398 high. Overall a good week during an okay month. Will review the charts for the weekend update, and see if any additional observations are worth mentioning. Best to your weekend!

MEDIUM TERM: getting close to an uptrend confirmation

LONG TERM: uptrend

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

About tony caldaro

Investor
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10 Responses to Friday update

  1. Ajay Singhi says:

    The fall from 2398 till 2382 appears to be an ABC. Another ABC seems to be in progress. 2391.85- 2382 seems to be A. Monday first half may be up till 2390 and then C down starts, targeting 2366 area over the next 2 days.

  2. fionamargaret says:

    Thanks to Tony.
    I had not listened to Francois-Joseph Gossec, so really was taken by this Belgian composer.
    He was a boy chorister at Antwerp Catholic Church, self-taught in musical composition, and ended up being Professor of Composition at the Paris Conservatory.
    The painting is “The Fall of the Rebel Angels” by Pieter Bruegel.

    The second composition is Handel’s “Music for the Peace of Utrecht”.
    Both are music on a grand scale, and I hope you relax and enjoy them with me….x


  3. North Korea launches missle among high tensions. Missle launch failed. See what trump does.

  4. lunker1 says:

    SPY day range exactly 1.00 = bots r us

  5. Thanks Tony. Happy Friday.

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