Thursday update

SHORT TERM: consolidation day, DOW +40

Overnight the Asian markets were mixed. Europe opened higher and gained 0.2%. US index futures were lower overnight. At 8:30 Q2 GDP was raised to +3.1%, and weekly jobless claims were higher. The market opened 4 points below yesterday’s SPX 2507 close, bounced around for an hour, and then started to rise. At 2pm the SPX hit 2511, then dipped to 2510 to end the day.

For the day the SPX/DOW gained 0.15%, and the NDX/NAZ were mixed. Bonds addedΒ 2 ticks, Crude dropped 55 cents, Gold rose $3, and the USD was lower. Medium term support remains at the 2479 and 2456 pivots, with resistance at the 2525 pivot. Tomorrow: personal income/spending at 8:30, the Chicago PMI at 9:45, then consumer sentiment at 10am.

The market opened lower today, made the low in the first few minutes, retested that low an hour later, then moved up for the rest of the day. Basically a consolidation inside day, after yesterday’s run to new highs. Tax cut on the table, Q2 at 3.1%, any other catalysts before the week/month/quarter ends tomorrow? Short term count from SPX 2417 remains unchanged: 2455-2428-2512. Short term support remains at the 2479 and 2456 pivots, with resistance at the 2525 pivot. Short term momentum ended the day under overbought. Best to your trading!

MEDIUM TERM: uptrend

LONG TERM: uptrend

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

About tony caldaro

Investor
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128 Responses to Thursday update

  1. Anonymous says:

    Might be good for a bounce from 2340-50 in a month or two, in the meantime VXX will go through the roof, and gold and TLT will go also be pretty good trades.

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  2. captbara says:

    Damn has this place gotten chatty. Hate having to scroll so much on my phone πŸ˜”

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  3. pooch77 says:

    Is iwm losing it mijo so close to 1500?

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  4. JK1987 says:

    the power of Tax Reform: DJI +52% from the effective day, on top of the previous 4 years power rally
    https://gyazo.com/fc4a54a144bb008c097723108aef7391

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    • vivelaamo says:

      Does that mean you’re bullish on DJI today? Will you turn bearish Monday? You’ve lost all credibility on this blog, if you had any.

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    • JK1987 says:

      just a fact of the effect of a past Tax Reform
      without knowing the past, you are hanging in the air
      the past not necessary the same as the future, and 2017 Tax Reform has not pass yet, but there are some very interesting facts been going on

      majority of my position is in treasury
      today
      TMF +1%
      SPX +0.25%
      DJI -0.1%

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      • vivelaamo says:

        Is that the same past that made you post day in day out for a few weeks about how bad this crash is going to be. How we haven’t seen what you have seen etc etc. You crack me up. Hopefully taking Phil to court for his phantom trades will take up so much of your time you don’t post your garbage on here.

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        • mcgcapital says:

          πŸ˜‚. I’m sure having a go at people because of their nationality is a hate crime, so he wants to be careful what he wishes for when getting lawyers involved

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          • vivelaamo says:

            He is busy noting down all the insults from the big bad Englishmen. 20 counts you know!

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          • mcgcapital says:

            He’s probably a kid who’s being home schooled so maybe we should cut him some slack. First few times I replied to him I was trying to help him as he was adamant it would fall off a cliff and he didn’t need to use a stop loss. Lost all respect when he did the 180 on the back of something he surely knew already from having read the blog and done the oew course. I hate having to scroll through all the crap to find something decent to read

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          • stcoleridge says:

            His UVXY trade is down a little over 5% in pretty short order.

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          • vivelaamo says:

            Of course it isnt. He would have closed it out flat on any rally. Anyway the Englishmen are ganging up on him again so better stop before he hits us with verses from the bible.

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  5. still need a 20 point pull back then another 38 ish up again. probably going to end micro 3 around 2540 now

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  6. Anonymous says:

    In response to vivelaamo’s inquiry regarding gold’s correlation. Gold is correlated to the yen which is due for a MONSTER MOVE NEXT WEEK. Long on TLT (perhaps at 124), long GLD, and long on VXX.

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  7. locanbbs says:

    UPDATE: Market breakout! – After pulling at the reins all week now, the market can’t wait for the next scheduled market cycle bottoms and is breaking out now. But at higher levels we will see these bottoms still next week!

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