Tuesday update

SHORT TERM: higher open then pullback, DOW -12

Overnight the Asian markets lost 0.1%. Europe opened lower and finished mixed. US index futures were higher overnight, and at 9am Case-Shiller was reported higher. The market opened 4 points above yesterday’s SPX 2497 close, then hit 2504 at 10am. At 10am c0nsumer confidence was reported lower, as was new home sales. The market then pulled back to SPX 2495 by 11:30. At 12:30 FED chair Yellen’s speech was released: https://www.federalreserve.gov/newsevents/speech/yellen20170926a.htm. At 2pm the SPX hit 2502, then pulled back to close at 2497.

For the day the SPX/DOW were mixed, and the NDX/NAZ gained 0.20%. Bonds lost 4 ticks, Crude dipped 30 cents, Gold dropped $14, and the USD was higher. Medium term support remains at the 2479 and 2456 pivots, with resistance at the 2525 pivot. Tomorrow: durable goods at 8:30, then pending home sales at 10am.

The market opened higher today after yesterday’s pullback to SPX 2488. By 10am the SPX had hit 2504, pulled back to 2495, then rebounded some into the close. It looks like that small wave 4 ended at SPX 2488 and a small wave 5 is underway now. The short term count from SPX 2417: (1) 2455, (2) 2428, (3) 2480-2447-2509-2488-2504 so far. Also of note today is the Transports. They made a new all-time high today. This suggests the Major 5 we have been tracking is not over, and is subdividing into five Intermediate waves. This also suggests the general bull market is back on track for possibly SPX 3000 in the next year or so. Short term support is at the 2479 and 2456 pivots, with resistance at the 2525 pivot. Short term momentum ended the day just below neutral. Best to your trading!

MEDIUM TERM: uptrend

LONG TERM: uptrend

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

About tony caldaro

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184 Responses to Tuesday update

  1. vivelaamo says:

    JK what’s with all the England comments? I’m not patriotic or anything but there’s still a line there’s no need to cross. Give it a rest.


    • mcgcapital says:

      He doesn’t like being called out on inconsistencies in his posts. I don’t think any one has used bad language so not sure where he’s coming from there


    • JK1987 says:

      a few of you from the same place insulted me with all kinds of bad language, left and right, more than 20 counts in just a little over one week. i tolerated, and did not say anything, but you guys continue to go on and on. there should be a limit for you to STOP insulting people.

      i did document why i was bearish and posted rut chart with megaphone target.
      but over the weekend i studied oew cycle and long term view and with Tony one-on-one oew lecture, i explained in detailed, chart also posted. yes, my long term view has turned to bullish over the weekend, and took actions on my trades. it’s all documented and posted here. but the mcg guy kept on twisting the facts and insult. bad!

      there were times you ask me to email you charts (the ones for Steve), i did not feel comfortable to give out my email (i was right from what’s happening right now). then you started to insult me again and again. i did not say a single word about it.
      mcg did it almost on a daily basis on whatever i post.
      mcg is sick, paranoid, need to see a doctor before all break loose. you never know what will he do to harm people.
      that’s it. STOP right here.


      • mcgcapital says:

        so now I’m a serial killer because I’ve said 1. You should have exit strategies on every trade and 2. You should be able to explain your view and not flip flop. Could understand if you were day trading but nobody trading a long term view does a 180 in a week from 50+% crash to 30% rally where the trading range has been less than 1%. I’m in tears here mate, absolutely peeing myself with laughter 😂


      • vivelaamo says:

        Wow you’re nuts! we’ll leave it there. Good luck with your trading.


  2. allen1929 says:

    WOW -1600 tics


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