Friday update

SHORT TERM: lower open consolidation day, DOW -3

Overnight the Asian markets gained 0.1%. Europe opened lower but gained 0.1% as well. US index futures were lower overnight. At 8:30 Q1 GDP was reported higher: 1.2% v 0.7%, and durable goods were reported lower: -0.7% v 2.3%. The market opened 2 points below yesterday’s SPX 2415 record close. In the opening minutes the SPX ticked down to 2412, then tried to rally. At 10am consumer sentiment was reported lower: 97.1 v 97.7. At 10:30 the SPX hit 2417, then went into 5-point trading range for the rest of the day closing at 2416.

For the day the SPX/DOW were mixed, and the NDX/NAZ gained 0.10%. Bonds gained 2 ticks, Crude rose 85 cents, Gold rallied $11, and the USD was higher. Medium term support remains at the 2411 and 2385 pivots, with resistance at the 2428 and 2444 pivots. Today the WLEI was reported higher: 55.1% v 55.0%, and the Q2 GDP estimate was lowered: 3.7% v 4.1%.

The market opened lower today for the first time in a week. At today’s low the SPX was only 7 points from yesterday’s 2419 all-time high. Not much of a pullback after a 66-point rally, and looking more like a consolidation day. With Monday a holiday it is likely many took Friday off for a 4-day holiday. After clearing the OEW 2411 pivot yesterday the market has since used that pivot as support. Should the SPX lose pivot support (2404) then we should start seeing some subdivisions in this rally. Until then we see the OEW 2428 pivot being challenged next. Best to your extended weekend!

MEDIUM TERM: uptrend

LONG TERM: uptrend

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

About tony caldaro

Investor
This entry was posted in Updates and tagged , , , . Bookmark the permalink.

30 Responses to Friday update

  1. learnedmylesson25 says:


    For laughs,here’s Elroy’s Elliott Wave on a few items.

    Like

    • learnedmylesson25 says:

      Like

      • learnedmylesson25 says:


        Finally,S&P is going to 2280 next week–he says.Gold a big rally.I swear,it’s not me saying it…lol.

        Like

        • fionamargaret says:

          Like

          • learnedmylesson25 says:

            Enjoyable.He was my cousin’s fave.If this video can somehow get gold up to 1400,he’ll be MY fave too…lol.

            Like

          • fotis2 says:

            1429 P&F charts I was not the only one that found it funny last year when P&F was looking for new highs on S&P when it was sitting at 1950s and everyone else looking for new lows or at least the ones on the internet,CNBC etc.etc I suppose the ones that really know whats happening keep quite and make money.

            Like

Comments are closed.