SHORT TERM: lower opening then consolidation, DOW +34
Overnight the Asian markets lost 0.4%. Europe opened lower and lost 0.8%. US index futures were lower overnight, and at 8:30 Q2 GDP was reported higher (+2.6%). The market opened six points below yesterday’s SPX 2475 close, then drifted lower. At 10am consumer sentiment was reported higher. Just past 11am the SPX hit 2465 and then started to work its way higher. Heading into the close the SPX hit 2474, then closed at 2472.
For the day the SPX/DOW were mixed, and the NDX/NAZ lost 0.10%. Bonds added 4 ticks, Crude rose 65 cents, Gold rallied $9, and the USD was lower. Medium term support remains at the 2456 and 2444 pivots, with resistance at the 2479 and 2525 pivots.
The market opened lower today, dipped to SPX 2465, then rebounded for the rest of the day. While the SPX/NDX/NAZ were again lower today, the DOW closed at another all-time high. Quite an interesting market lately. The SPX/NDX/NAZ have ended an uptrend, had a downtrend, then entered another uptrend, while the DOW has remained alone in its uptrend all along. Some comments on this in the weekend update. Best to your weekend!
MEDIUM TERM: uptrend
LONG TERM: uptrend
the ELLIOTT WAVE lives on 
As they say, “The pattern is full.” Reference cj32’s count posted Thursday [stamped 7/28 at 7:23 am] since the 2402.25ES wave 4 low on 6/29/2017, we have I,II,(i),(ii),(iii),(iv),III,IV,V to complete wave 5 at the high of 2480.25ES on 7/27/2017.
The sharp drop mid Thursday is likely to be the ‘a’ wave with the ‘c’ wave down to follow on Monday. However, with the way this bull market has been extending with additional 3-4’s without any corresponding 1-2’s visible, I decided not to short on Friday and wait to see additional movement. It would be easily conceivable to go right to 2500 area with one of those extensions. Nevertheless, I would expect to see a ‘c’ wave down on Monday…before the market resumes its upward march with the continuation of the higher level pattern. Have to wait and see.
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http://www.mcoscillator.com/learning_center/weekly_chart/how_vix_ends_a_long_run_of_low_values/
Thanks Tom McClellan
Thanks Tony…..and everyone. xx
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Beethoven’s Sextet conjures up memories.
My girlfriend played the Bb clarinet (we were about 8) and I listened to countless recordings like this, where she was in absolute heaven…..she still plays professionally..
Saturday I posted Scnabel playing Les Adieux…yes, I posted Pollini playing the identical piece a couple of days ago, but with a very jumpy tape……so listened to all the players, and really liked the Schnabel interpretation, though Arrau and Guida were interesting too.
JJ Cale’s record is so relaxing.. track 4 “Still Hanging On” (7.35 or so) has a beautifully arranged backtrack, and Cale’s guitar playing is of course superb. I had that track on repeat quite a few times…..just the record to close your eyes to on a warm summer evening…with a cool drink at hand…xx
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looking now for the markets to rally Monday and Tuesday for one final blow off, maybe sp will get to that 2500 level. Dow should easily get to 22,000.00. have no position and had no position all day.
Over 2480 I go long under 2460 I go short. looking forward to tony update.
Thank you all
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👍👍👍
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And the winner on close is Vip 🙂
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Vive called 2472.3 – close 2472.1. Looks like he wins
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Winners don’t need proprietary stuff.
Bull market is no proprietary of anyone
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I wish my trading was as good as my predictions.
Thanks Tony, look forward to weekend update.
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