SHORT TERM: higher open then sharp pullback, DOW +86
Overnight the Asian markets gained 0.3%. Europe opened lower and lost 0.3%. US index futures were higher overnight. At 8:30 jobless claims were reported higher, and durable goods orders were reported higher too. The market opened at an all-time high of SPX 2484, then immediately began to pullback. The pullback bottomed at SPX 2479 around 10:30 and the market started to drift up again. The Transports, however, had gapped down at the open and were down about 2%, while all four major indices remained positive. Around 12:30 the Transports broke even lower and the NDX/NAZ started to selloff. The SPX/DOW followed, and the SPX hit 2460 by 1:30. Then the market rebounded for the rest of the day to close at SPX 2475.
For the day the SPX/DOW were mixed, and the NDX/NAZ lost 0.35%. Bonds dropped 8 ticks, Crude rose 35 cents, Gold slipped $1, and the USD was higher. Medium term support remains at the 2456 and 2444 pivots, with resistance at the 2479 and 2525 pivots. Tomorrow: Q2 GDP (est. +2.8%) at 8:30, then consumer sentiment at 10am.
The market opened at a new high today, failed to clear the OEW 2479 pivot range, then got caught up in the selling of the Transports. By the end of the day, despite the Transports not rebounding much, the SPX lost only 3 points after being down as much as 18 points. Today’s decline did trigger a quantified wave on both short term counts. But unfortunately the waves are still inconclusive at this time. The very short-term count now has five waves up then a decline to 2460, while the short-term count has three waves up and possibly a 4th to 2460. In other words this uptrend can still go either way: B wave or Minute iii wave. Short term support is at the 2456 and 2444 pivots, with resistance at the 2479 and 2525 pivots. Short term momentum ended the day at neutral after getting quite oversold at the lows. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend
the ELLIOTT WAVE lives on 
I don’t feel comfortable being long here and holding over the weekend…Something just doesn’t feel right
LikeLike
Last post maybe the want a run at Dow 22000 before we correct
LikeLike
Embedded SPX and Nasdaq worked today.Gold also,dollar ditto.Have a good weekend all.
LikeLike
So need to adjust,market looking to put in short term low.Next should see us up into midweek.Tricky market
LikeLike
Look at the volume today, market is weak.
LikeLike
Newbie volume?? Just no selling pressure today.Had today been ugly then bulls should have been worried,one more up wave
LikeLike
Nice to see you back Newbs.
LikeLike
Guys serious can this be a top with DOWs still making new all time highs? Any examples of this in the past?
LikeLike
Do you not have access to historical data and charts? A quick look at a couple of charts would reveal that the various major indexes have frequently made their respective all time highs at major tops at different times. Sometimes, many months apart. I could tell you when these occurred, but you would learn a lot more about the markets if you looked yourself.
LikeLike
I could look it up but it’s quicker to ask a blog full of ‘professional’ traders.
Can’t actually see any examples of DOW continuing to make all time highs while other markets dropped in recent history.
Cheers for the reply.
LikeLike
Top is for losers
Bottom is for losers
Market is bull market keep buying PB and winning
LikeLike
If you ever hope to have a real trading/investment account, and trade/invest real money, then you need to become a serious student of the market and learn the history of the market. That requires a lot more work and study than simply asking inane questions on an internet blog full of anonymous screen names. I realize that you’re a young kid, but that’s no excuse for not taking the time and doing the work required to learn the history of the market.
LikeLike
vive – how many times will you violate the 3 per day?? I guess until Tony warns you or bans you. You just don’t shut up
LikeLike
Dude look at the forum. If I am the only person that has posted more than 3 time in th last few days then I accept your post. But come on. Why single me out?
Aahmicheal I post questions on here to try and learn. Is that so wrong?
LikeLike
lose, the ribbing and the attitude and it wouldn’t be as bad
LikeLike
I don’t believe I’ve said anything wrong pal. Have a good evening.
LikeLike
Vive volatility just kicked up this week,prelude to August.I had lot personal business this week so I missed big gains up and down.I had low 24th when high was actually 25th and then high 27,28th well the opposite happened,when your in between trades you can chase and really get burned
LikeLike
SPX closing price today
2468.32
you all have until 10 min before the close to make your pick
have a great weekend everyone !
LikeLike
Really is that VWAP?
LikeLike
proprietary… 🙂
LikeLike
2473 cash close
LikeLike
2471
LikeLike
2464
LikeLike
2468.6
LikeLike
2472.3
Have a good evening all.
LikeLike
2468.33 ??
LikeLike
2458
LikeLike
2468.20
LikeLike
Did I win again?
LikeLike
congratulations vive !
you win again
LikeLiked by 1 person
Well Done Vive…..and everybody except me.
(was watching other numbers and thought missiles landing off Japan might tank the market some)…..excuse.
LikeLike
Rotations are funny.
They took some profit in NQ, end of month
Now new month it will be all up, Dow is already green and high
Cheers! To dip buyers from yesterday
LikeLike
them Bulls are ornery. No position . should be an interesting close.
Have a nice weekend all, see ya next week
LikeLike
oil hitting its downtrend line. i’m expecting some w4 chop before it crosses over it in the next few trading sessions. im out for now
LikeLike
..the oil sequences suggesting much higher oil prices makes me think the Feds are maybe buying, creating some inflation…
LikeLike
By jove,you’ve got it Fiona.Whatever needs propping up…The Fed is the Viagra of financial markets,the ECB is Cialis.Later all.
LikeLike
..DBC holds most of the commodities, with about $8 upside…
LikeLike
Learned, any propping up longer than 3 hours should seek medical attention
LikeLike
x
LikeLike
don’t think the fed is buying, but i agree i think oil goes much higher, tho imo not much higher from here. i think around $52 we run into some stiff resistance followed by a sharp wave 2 pullback. thats where the real money to the long side will be made
LikeLike
They just want stability.Avoid a meltdown for another day,week,month.Mission accomplished if they do that.
LikeLike
If the Central Banks can achieve higher inflation, they then can proceed to normalize rates.
LikeLike