Friday update

SHORT TERM: gap up opening, DOW +30

Overnight the Asian markets gained 0.6%. Europe opened higher but lost 0.1%. US index futures were higher overnight, and at 8:30 durable goods were reported lower. The market gapped up to SPX 2448 at the open and continued to rally. The SPX had closed at 2439 yesterday. By 10am the SPX hit 2454, and then started to pullback. Also at 10am: https://www.federalreserve.gov/newsevents/speech/yellen20170825a.htm. The market then pulled back to SPX 2442 by 11:30. After another rally to SPX 2450 the market pulled back to close at 2443.

For the day the SPX/DOW gained 0.15%, and the NDX/NAZ lost 0.15%. Bonds gained 6 ticks, Crude rose 35 cents, Gold added $4, and the USD was lower. Medium term support remains at the 2428 and 2411 pivots, with resistance at the 2444 and 2456 pivots. Today the Q3 GDP estimate was lower to 3.4%.

The market gapped up at the opening today for the second time this week. Tuesday’s gap up opening rallied to SPX 2455, today’s rallied to 2454. The 2444/2456 pivot zone continues to act as resistance. Today’s rally as a bit unexpected, but did little to change the medium term and short term view. The market seemed to rally in anticipation of Yellen’s speech, and then sold off in disappointment. Best to your weekend!

MEDIUM TERM: downtrend probably underway

LONG TERM: uptrend

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

About tony caldaro

Investor
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12 Responses to Friday update

    • fionamargaret says:

      The first video is with the totally brilliant David Fray interpreting Bach.
      This was supposed to be a dress rehearsal, but it was turned into a video.
      In the second movement he wanted the violins to pull out the sound..more legato..and I think it took 5 or more takes until he was satisfied…he knew the pattern in his head…and it had to be right.

      Because Fray is likened to Gould, I gave you a video of him too. You cannot help but be admiring of Gould’s rhythmic pulsing of Bach. Quite astonishingly beautiful.

      Abercrombie, the jazz guitarist (and much more), died a couple of days ago of heart failure. His parents had brought him to America (NJ) from Scotland, and he lived his dream. R.I.P.

      Thank you Tony for all you do, and hopefully you can relax and listen to some music.
      You are loved.

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  1. torehund says:

    Guess you are seeing what I see, usd\eur and the possibility for a sharp waterfall from 0,84 to 0,72 testing the 2014 bottom and producing a huge X wave that could initiate a monster rally in the Usd. So much hinges on Nort K , huge sigh of relief or fire and bombs. Lokking at currencies we are just about to enter the phase of extreme turmoil, then we have Yellen and no inflation expectations, a bomb there to AS cost push inflation is just right around the corner, look dry bul rallied on Yellen, did she set a bottomfor Tbt ? Get ready for the craziest of times right around the corner💥💥💥

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  2. Page says:

    Thanks Tony.
    Looking forward to W/E update. Expecting markets to be in a panic mode next week.

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  3. NK launches rockets, hurricane Harvey Monday should be interesting. See how resilient this market is.

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  4. learnedmylesson25 says:

    What are the odds Cohn decided to stay because of his probable appointment as Fed head?I’m sure a deal was made in the last week or so.
    Cohn:”I want to quit because of your statement Mr.President.”
    “If you quit,forget about being Fed chief Gary.”
    “Great statement Mr.President.”
    “That’s what I thought.”

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  5. vipulm555 says:

    Flat for weekend, enjoy !

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