Tuesday update

SHORT TERM: lower open and pullback, DOW -99

Overnight the Asian markets lost 0.1%. Europe opened lower and lost 0.6%. US index futures were lower overnight, and at 9am Case-Shiller was reported lower. The market opened 4-points below yesterday’s SPX 2439 close, dipped down to 2433, and then started to bounce. At 10am consumer confidence was reported higher. By 11am the market had risen to SPX 2440, and then started to pullback. Just past 2pm the SPX hit 2424, and then tried to rally. At 12:30 FED vice chair Fischer gave a speech: https://www.federalreserve.gov/newsevents/speech/fischer20170627a.htm. The rally lasted until 2:30 when the SPX hit 2430. Then the market traded down to SPX 2419 and closed there.

For the day the SPX/DOW lost 0.65%, and the NDX/NAZ lost 1.70%. Bonds lost 18 ticks, Crude rose 85 cents, Gold rallied $4, and the USD was lower. Medium term support drops to the 2411 and 2385 pivots, with resistance at the 2428 and 2444 pivots. Tomorrow: pending home sales at 10am.

The market opened lower today, bounced to slightly positive, and then headed lower after a delay in the Senate health care bill. Around 1:30 the SPX broke below the 2431-2454 range we have been tracking, rallied back to the lower end of that range, and then headed even lower. The NDX/NAZ ran into some heavier selling as well. After weeks of choppy action it looks like the expected downtrend is underway. Short term support drops to the 2411 and 2385 pivots, with resistance at the 2428 and 2444 pivots. Short term momentum ended the day quite oversold. Best to your trading!

MEDIUM TERM: uptrend topped?

LONG TERM: uptrend

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

About tony caldaro

Investor
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166 Responses to Tuesday update

  1. travis01 says:

    Been reading this blog for years, signed up for training. But this ridiculous rhetoric is why I left for a while. I don’t post cause what’s the point. Several awesome guys I learn from are overshadowed by the few who Tweet all fricken day long. Viv…you’ve added not one single positive informative post yet. I really tried to find one. And no I’m not a bear. What happened to the 3 post a day rule? You had 19 already today. Would love the option to block out certain posters so I can read HD, Lee, Phil, Swanson, mcg, Storm etc. (And yes, Kvill lives rent free in your head 😜).

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  2. torehund says:

    …message to biotech 🙂

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    • phil1247 says:

      hey tore

      did you buy TBT monday ??

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      • torehund says:

        No, just said it bottomed 🙂 Lots and of up juice, its just a beginning. I am a biotech person, but follow tbt, oil , usd and rut to get a clue of direction. Predict a bubble in Biotech and then in tech being dragged along.

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        • torehund says:

          Western civilization is all about; medication can solve all ills and discomfort. But later we will find out all the ills were just put to sleep for a while. Westerners have to go into their selves sooner or later, that will be the top of Biotech and rising costs of medical expenses too…We are living an unhealthy life, thats our problem. Everything has to be fixed the easy way.

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  3. phil1247 says:

    just checked back in to see if /es 2436.5 was retested after breaking thru…. yep

    next aggressive extension long target is 2443….
    i am going to exit on the next pop up. or if 2435 fails
    its getting late in the day
    good luck to all !

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