SHORT TERM: gap up opening then new ATHs, DOW +56
Overnight the Asian markets lost 0.4%. Europe opened higher and gained 0.4%. US index futures were higher overnight, and at 8:30 durable goods orders were reported higher. The market gapped up at the open to SPX 2506, hit 2508 in the opening minutes, then started to pullback. The SPX had closed at 2497 yesterday. At 10am pending home sales were reported lower. At 11am the SPX had closed the gap and hit 2496. And then started to rally. The rally continued into the afternoon as the SPX hit 2512, a new high. Then the market pulled back to close at SPX 2507.
For the day the SPX/DOW gained 0.30%, and the NDX/NAZ gained 1.05%. Bonds lost 17 ticks, Crude rose 20 cents, Gold dropped $12, and the USD was higher. Medium term support remains at the 2479 and 2456 pivots, with resistance at the 2525 pivot. T0morrow: Q2 GDP (est. +3.2%), and weekly jobless claims.
The market gapped up at the open today for the first time in over two weeks. The last gap up opening eventually led to new highs at SPX 2509. This gap up opening made new highs the same day at SPX 2512. With today’s activity we can now count three nearly completed waves up from the Micro 2 SPX 2417 low: 2455-2428-2512. Refer to yesterday’s update for the subdivisions of wave 3. When this rally does conclude we would look for about another 20 point pullback for wave 4, then a rally to the 2525 pivot range for wave 5. Short term support is at the 2479 and 2456 pivots, with resistance at the 2525 pivot. Short term momentum ended just below overbought. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend
the ELLIOTT WAVE lives on 
https://charts.stocktwits.com/production/original_96219530.?1506625356
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well, short term count from 2488 little tricky
2488-2508 20 points
2508-2495 13 points
2495-2512 17 points
2512-2503 9 points
2503-2519 since wave 3 cant be the shortest?
or are we still working on 3 with 4 and 5 to come
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Who the hell is buying at highs with this in the background?
https://www.google.co.uk/amp/www.independent.co.uk/news/world/americas/north-korea-us-war-donald-trump-kim-jong-un-real-possibility-rusi-think-tank-a7972706.html%3Famp
The ‘boyz’ must know it’s all talk right and nothing will come of it?
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Nasdaq leading this bloated market down
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2510-2514 correction to 87 but not the big one your looking for a little more patience it is coming. Only 2 margin debt, all time high hedge funds all in low participation rate Bit coin wave 5 monthly all screaming crash. Then whats missing. Inverted yield curve and naz blow off
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Nasdaq is flat Newbie.
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Think NDX has seen the high
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Scotty I appriecate you will have belief in you own research but don’t you think you may have turned Bearish too soon? Breakouts all round.
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Like the one in NDX ?
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You think NDX leading down?
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since you are all about time.
at the time of Sep 18 at “5” you were still bullish.
you turned bearish on Sep 25, which was the low.
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You dont exist
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He does:
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https://me.me/i/flip-flop-season-is-almost-here-are-you-ready-13717948
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who was so upset losing 10% on tza trade?
my tza exited flat on Monday.
took big profits on ndx short and AAPL puts on Monday.
the records are here, posted.
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JK you’re all over the place. But just for the record I suppose you profited on this too?
JK1987 says:
September 24, 2017 at 4:53 pm
i will be surprised if RUT does not make new ATH, and with the textbook overshoot.
https://gyazo.com/25a1bb2b311ce0dc692e03cab6c82c8a
NO STOP on my RUT short no matter how high it goes (i can afford, not recommend for anybody)
because,
“Buffett has said, as many experts have, that trying to time the market is a losing battle. In an interview earlier in 2017, Buffett went so far as to say that attempting to pick times to buy and sell is a mistake for 99% of the population.”
only RUT 840 will make me close the position – it’s 840 or never cover strategy (for me only).
this strategy is not for 99.99% people, and only if you can afford.
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all because of oew “P3 is a 15+ year Secular bull market”, and my effort to study during the weekend. That changes my view entirely. you cannot understand that? you need to take oew lesson to stop losing on the market.
JK1987 says:
September 26, 2017 at 7:00 pm
Tony, thank you for the confirmation.
yesterday i took advantage of the market weakness to exit all my bearish positions.
tza, flat from my entry.
ndx shor,t nice gain from 0901 entry
largest AAPL put, big gain from 0912 entry
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Ok well done. 👏
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Guy is unhinged.. regardless of his market view that post sums up that he has no clue about trading. Also using oew as the excuse for switching long.. The OEW count has been consistent in being bullish for months so makes no sense to use that as a reason to change his view
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CL oil is down 1.5% on global news that should be generally constructive……….meaning we don’t what’s weighing upon on oil prices. While Turkey moves to disrupt Kurdish exports, Ghana doubles energy revenue while Chinese inventories drop. Something is missing,
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stephen…
. we do know whats weighing on oil prices
as soon as the extension failed
the bottom fell out………………… that simple
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In any event you know what I’m going to do
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Fear not C&H retest should be a good long/limited Risk if it gets to lower trend line for a 3rd bounce
https://invst.ly/5a9ot
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already out of DWT
reversed to UWT
disc………….. rogue
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Phil you have oil in long uptrend or you still think $14 oil a possibility long term ?
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basically its going nowhere
lower monthly highs ..higher monthly lows on CLZ7
maybe a triangle forming ?
i just jump in when i see an opportunity like today……… then i am gone
below 62………… target remains 28……… on CLZ7
14 comes from the continuous chart which i really dont like
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MJT Player
I beg to differ…..many of the ladies think I’m an Icon…..cause I’m so suave and deboner
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Scotty, thanks for posting your picture, looking at picture it seems you have made a lot of money? 😀
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Yikes
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Looking at gold on my pattern, it is basically do or die time, so check your charts…
I bought UGLD, NUGT, JNUG…..and VXX might go lower, but I bought today as 41 was a buy price (38 optimum, but I don’t think we go that low)
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..kept UWT (long oil)…the pattern it is in, suggests 4 upside…
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fiona, fyi OIL
https://www.cnbc.com/2017/09/14/betting-against-oil-when-it-tops-50-has-worked-roughy-70-percent-of-the-time.html
https://www.cnbc.com/2017/07/28/goldman-sachs-cautiously-optimistic-on-oil-prices-as-supply-demand-rebalancing.html
http://www.cnbc.com/2017/07/11/oil-prices-may-fall-below-40-without-a-clear-buy-signal-goldman-says.html
U.S. commodity funds post biggest outflows of 2017 -ICI
REUTERS 12:15 PM ET 8/2/2017
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fiona, as an insurance, i loaded up the truck with UVXY for the first time at 21.8, i will hold it for one month to see what happened to October. targeting 200 day with 300% return.
still holding TLT from yesterday, bought a boat load, a bit under now. what’s your chart tells you about TLT? i see it has the pattern of ndx 2009. looking for a double.
this morning also bought the one i planned last night and told you.
the big red arrow shows where SPX might be in the historical path of Major 1 P3
even as bullish as Major 1 P3, that October still has quite a bit volatilities.
https://gyazo.com/e1c884cbbebf79a9d9053f3da578299a
https://gyazo.com/42b7cf1d92ce26cf0309346e48aa4a50
someone asked “Where is newbie”
and since i was labeled as “Newbie with charts”
so i took the action to buy NEWBIE’s favorite UVXY
i have a good feeling about it. 🙂
jwmcbride says:
September 28, 2017 at 10:32 am
Where is newbie
vivelaamo says:
September 20, 2017 at 12:47 pm
Mcg don’t entertain him.
He just a Newbie with charts.
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http://stockcharts.com/freecharts/pnf.php?c=TLT,PWTADANRBO%5BPA%5D%5BD%5D%5BF1!3!!!2!20%5D%5BJ,Y%5D&listNum=1
Here is TLT…yes it is on a bearish TLT chart, but if you look where we are,..it is absolutely fine..upside..
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yike PnF on TLT
here is my MT pattern, it’s on a sharper slope than the model.
LT even bigger as ndx
https://gyazo.com/6592cd9de830612a8147a34ee9ce0635
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with infinitely less wit and charm.
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just another (man) barking for food
when not satisfied with the food, bites its master
all so predictable from that same place
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Do you moonlight as the speech writer for little rocket man?
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So that was your idea of bad insults that lead you to insulting England and bringing up Terroist attacks? Hmmmm
I preferred you when you were Newbie with charts. At least Newbie is consistent with his views.
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more than 20 counts of insults from englishman
wasn’t you the one posted people in england are talking about england is going to sink like greece in ths past. sad
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I don’t care what you say about England. Just mentioning terrorist attacks where many died is just very bad taste and takes a certain individual to even write that. I challenge you to show me one insult directed at you that warranted such a comment.
As for the Greece comment. I have no idea what you are talking about.
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bad memory, not knowing what you have posted. but when did you ever have idea?
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I know for a fact I never insulted you badly. Unless you count, ‘Newbie with charts’ as a bad insult. If you do and got offended by that then I apologise.
Leave it at. We’re clogging up Tony’s blog with pointless posts again.
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never insulted me badly?
you don’t remember again?
go check what you have posted, it’s there. so many
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Vive, I think he is referring to a comment you might have made comparing Brexit and Greece a long while back. The fact that he has taken the time to research all your posts (quite a task 🙂 ) says all you need to know about him. I relapsed badly by engaging him but won’t make that mistake again.
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Looked back through posts. Can’t see any. That’s because there are none! Can see literally hundreds of you calling a crash on October 2nd and writing comments like it is IMPOSSIBLE for RUT to make an all time high. All my replies to you are trying to warn you a top is not in and we won’t crash. Also I tried to warn you respectfully. You just kept dismissing me. Look back through the posts if you don’t believe me.
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These posts are going to upset HD. lol
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i did, so many insults from you. it’s all there.
you only took you 7 minutes to look through about 2000 posts? you are fast!
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I have a proposal JK. I promise never to post on this blog again if you do the same. It’s a win win for the blog which is of far greater value than a couple of muppets.
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it’s you, keep on jumping on my post and insult me.
you are the one started all these.
for example, you started to insult me on this thread. so many more in other threads.
who knows how many alias you have. dumb idea
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lol you’re such a dumb ass.. the UK has 65 million people, the US has 300 million people. Every time someone American says something I don’t like should I mention they’re American and find something negative about the US to bring up? Of course not because it’s got nothing to do with the debate.. Greece is a victim of the EU, and we’re leaving, have our own currency, fifth largest economy in the world etc. The weather is shit but there’s worse places to live. It’s like your world views are taken from the @potus twitter feed!
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McG, I’m a buyer at dumb ass, big buyer. As I was told by a veteran trader when I first started out:
“Your size is my size sonny.” 🙂
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Lol.. don’t let that idiot stop you posting. Hopefully if everyone ignores him he will just stop
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stc…
from your writing style, i know who you are with the alias
the purpose for you to create this id is to criticize and insult, nothing market related on you posts
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…and bought TMF..
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http://www.zerohedge.com/news/2017-09-27/real-driver-golds-recent-weakness
This nailed me for a day last year…I said they wouldn’t get me in 2017–and they haven’t,but only because I sold when GDX dropped below its 10 and 20d a week and a half ago.I forgot about China not being open,but as the charts in the article show,it IS important.Gold sells off,and this year,it looks like it started early.This would coincide with the selloff wrapping up in the Oct 1st time frame that I posted a while back.Goldfingers crossed.
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China reopens Oct 9th.Possibly,if they front ran the selling,they front run the buying?(Maybe Oct 1 to Oct 5th area?)
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