Friday update

SHORT TERM: higher open and rally, DOW +142

Overnight the Asian markets gained 0.1%. Europe opened higher and gained 0.5%. US index futures were higher overnight, and the market gapped up to SPX 2373 at the open on this options expiration Friday. After the open the market continued to rally. At noon FED: https://www.federalreserve.gov/newsevents/pressreleases/other20170519a.htm. At 2:30 the SPX hit 2389, and then began to pullback. Around 3:30 the SPX hit 2380, then bounced to end the week at 2382.

For the day the SPX/DOW gained 0.65%, and the NDX/NAZ gained 0.45%. Bonds were flat, Crude rose $1.05, Gold added $6, and the USD was lower. Medium term support remains at the 2336 and 2321 pivots, with resistance at the 2385 and 2411 pivots. Today the WLEI was reported lower: 55.0% v 55.1%.

The market gapped up at the open today, then rallied into the 2385 pivot range before pulling back some into the close. Thus far the market has rallied 36-points from Thursday’s SPX 2353 low, then ran into resistance at the 2385 pivot. The SPX/DOW outperformed the NDX/NAZ, which is a positive sign for a continuation of the uptrend. More on this in the weekend update. Enjoy the weekend!

MEDIUM TERM: uptrend

LONG TERM: uptrend

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

About tony caldaro

Investor
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14 Responses to Friday update

  1. fionamargaret says:




    Thanks Tony, and everyone xx

    • fionamargaret says:

      I think Classic Empire will win the Preakness.

      • fionamargaret says:

        Almost…..second.
        Interesting that “Always Dreaming”, my pick for the Derby from Pletcher’s Stable won just as Super Saver had done for him in the Derby previously….but in the Preakness, coincidentally both Always Dreaming and Super Saver came in eighth place……kisses to Cloud Computing.

  2. torehund says:

    Good weekend Tony and all, exciting times for the Word and the markets.

  3. bfquant says:

    Treasuries, underperforming dollar, and lackluster small caps suggest more weakness to come soon.

  4. blackjak100 says:

    TLT surged into the close. Looking at SPY:TLT ratio, I’d be surprised if the uptrend resumes from here. Divergence in that ratio along with SPX MACD divergence suggests to me a large C wave down is needed to complete minor 4. What will happen this weekend to kick off 3 of C?

  5. 123 abc says:

    Thank you Tony et al for a week of great OEW daily updates; good weekend to everyone.


  6. llerias7 says:

    So NDX is now in minor 5 of Int. V, right?

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