SHORT TERM: flat open then rally resumes, DOW +27
Overnight the Asian markets gained 0.9%. Europe opened higher and gained 0.5%. US index futures were relatively flat overnight. At 8:15 the ADP was reported higher, and at 8:30 Q2 GDP was raised to 3.0%. The market opened unchanged at SPX 2446, dipped to the 2444 pivot, then resumed yesterday’s rally. By 2:30 the SPX hit 2460. Then after a pullback to SPX 2454 by 3:30 the market closed at 2458.
For the day the SPX/DOW gained 0.35%, and the NDX/NAZ gained 1.15%. Bonds lost 4 ticks, Crude slid 45 cents, Gold slipped $1, and the USD was higher. Medium term support rises to the 2456 and 2444 pivots, with resistance at the 2479 and 2525 pivots. Tomorrow: jobless claims, personal income/spending, and the CPI at 8:30. Then the Chicago PMI at 9:45, and pending home sales at 10am.
The market opened flat today, but quickly picked up where it left off yesterday with the rally from SPX 2428. After retesting the 2444 pivot right after the open, the market rallied to above the 2456 pivot in the afternoon. From yesterday’s gap down opening at SPX 2428 the market has now had its best rally, with only one 5-point pullback, since July. This puts the alternate count, posted on the hourly chart, back in play. The next two days could prove to be quite important, short and medium term. Short term support is at the 2456 and 2444 pivots, with resistance at the 2479 and 2525 pivots. Short term momentum hit extremely overbought at today’s high. Best to your trading!
MEDIUM TERM: potential inflection point
LONG TERM: uptrend
the ELLIOTT WAVE lives on 
UPDATE: Beware of possible late-session sell-off. Long weekend and Tuesday-Wednesday are both short-term market cycle lows. Charts are setting up for possible sell-signal. Or a spike is also possible, but not probable in view of the holiday, in case the market wants to avoid triggering the sell-signal.
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Kim JOng Ding Dong will probably provoke us into war over the weekend and they will gap this market down via wave C down to 2300’s on spx.
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I’ve never understood the hatred towards bears on this blog. Markets are made from buyers and sellers. I’m long from 2430 and going short soon. Was short last week. Made almost 90% gains over past 8 weeks shorting and going long in 1-5 day increments. Some runs work that way, but most runs I sit out. Of course we are in a bull long term, but your 401k will only gain so much if left alone for 30 years and after multiple recessions. Always have multiple income streams, and multiple levers to pull within each. Bulls, bears…money is better than titles.
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Trav – No hatred of bears here, just a bit of leg pulling (kidding) 🙂
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well said.
maybe just like the FED, they have not forget the pain from 2008.
spx up 0.56% for the day, up less than 2.5% from Aug 2417 low, and the blog bullish sentiment is up through the roof.
when we see the coming big down, those are changes, keep it.
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It really isn’t JK. It’s quite balanced really. Wait until we start dropping then you’ll see, I only have a laugh with Newbie because he is taking the piss with his posts. All good banter.
No hatred on a blog for anybody!
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Only Vive / Vip are bear haters…. he got toasted when he was one and now he hates them lol
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My previous post got blocked even though I starred out the insult. Anyone with half a brain could see the style of mine and VIPs posts to know we are not the same person. Also I’ll happily turn bearish when the technicals do,
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Vive
This is a market blog, not a Twitter stock picking contest
chill you guys!
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Sorry Tony but the usual culprits keep trying to wind me up and I fall for it!
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Viv it’s the internet
Faceless words that sometimes help, and other times bash.
For those who bash, it is easy to hide behind a faceless computer.
Just look at all the celebrities who try to respond to the trolls.
It’s comical. People still do not know how to use the internet as a useful tool.
Instead they get all caught up in the rhetoric and negative narrative.
Just ignore the trolls!
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I see -1000 tics while ES makes Hod 2471
Can someone explain?
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-1000 is where they buy or adding
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+1000 where they start taking profit
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Thanks. I just don’t remember seeing highs made on large negative tics
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Just after in up trending market. The opposite in a downtrend.
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However….the next Bear market – will be HELL…unless your short….end
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But, I do not mean, nor wish to imply. Going short, right now.
Wait for Tony, to make the call…..
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The time is now Bud!
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NEWBBBBB. 👍🏽
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I thought the time to short was 3 weeks ago?
NEWBIE on August 7, 2017 at 11:19 am
They are gonna smash this thing into the ground when cash market is closed. My best guess is N Korea will be blamed as to the reason. I can see it already, Everything was going great until N. Korea…….
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They did smash it down and did use N Korea as an excuse my timing was off but now they really gonna wack it down 2350 in the snap of a finger.
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So does that mean in another 3 weeks?
Smashing it down on news events is not exactly bearish is it? It’s short term swings.
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Again, do not disagree. But, let Tony make the call…
May take is, we have a W3 to top to finish, then W4 down, followed.
But a final 5th wave advance…but, I shall wait for the OEW call…
I am still long the SSO….take care…
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adding, shall sell SSO at 94. thinking is this is a final short term advance…end
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Mr Flip Flop – You be Bullish again next week.
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http://www.aaii.com/sentimentsurvey
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Bud…um, you know that sentiment is bullish – eh hem.., errrr… right?
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Tommy – 😀
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the high 60 area is holding nicely,that opens up the 80 resistance area next
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Don’t take the bait, its a wave 2 or b wave. Gold is telling you this move is fluff to get the sheeple long at the top of the market.
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Newbie get outa the road!!
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been net long for a long time,lighten up at resistance and add at support.
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Micky you’ve shown you know what you’re doing from many posts. As if you’d listen to drunken bear clowns.
Nice trading 👍🏽
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tks Vive, this blog I see as to try and be helpful to others,Newbie is not even helpful to himself.
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I 100% agree. Newbies actually ok though if you’re a regular on here because you know he joking about. There’s quite a cliche on this blog. Some real vile posters, easy to spot who they are. They keyboard bullies. Watch them in action when we start dropping. All the best.
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Newb – Au contraire, Gold is the asset sucking in bulls just before its next big leg down below $1000…. Buying gold on the NK thing is for rookies.
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I would agree with your “buying gold on the NK thing is for rookies” statement Freddie, but gold’s pattern was forming bullishly before then, so basically we have to wait and see if it can detach from the $ etc., and if so, then we have a rip-snorting bull…x
Oil is choppy, with probabilities favouring short…but I feel it should be long….xx
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