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 added 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
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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Damn has this place gotten chatty. Hate having to scroll so much on my phone 😔
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Scroll to the bottom and change it to full site. Then you can click on who has posted and avoid certain posters.
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Is iwm losing it mijo so close to 1500?
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5% drop at least sooner or later. It’s later than expected but it will come. No point trying to short it though as will take a few weeks and be over in no time.. Better to buy it.
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new target above 1497 now
but still no 1500
? boyze going to pull the plug ?????
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So Phil 1498 or 1499? Ha
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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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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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vive …….i am not bullish DOW
david …… remember i did the chart for you weeks ago with 22417 target?
target was hit last week and it has not been able to go thru
a fall back to 22000 or 21900 would be a normal pullback here
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Who’s David? I’m just mocking JK and his 180 degreess flip flops after his weekend studies lol. I have no view on Dow.
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david cupples…………. the only guy here who seems interested in the DOW
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Ohh that David! Why didn’t you say 😉
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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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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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😂. 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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He is busy noting down all the insults from the big bad Englishmen. 20 counts you know!
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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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His UVXY trade is down a little over 5% in pretty short order.
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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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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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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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Thanks anon. If your trades work out it would suggest a pb in stocks. good luck.
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Vive back from lunch new pivots 2516 2519 SPX went parabolic today we may not get a decent pullback until we hit Tonys target Mine is a little higher 2529
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PS 3rd of a 3rd was alt count not valid anymore this is 3rd wave from 2414 a normal correction would be around 2486ish unless a running correction occurs
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Tony’s pivot is the place I planned to short. But after this weeks disaster I don’t feel like shorting stocks for a while. Stick to BTFD.
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Vive I think tony’s pivot is too small for shorting patience will be rewarded That ASA guy still thinks this is a b wave from 2585 area.
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I am long basically the same, but also long oil and gas…
UGLD, UWT, UGAZ, TMF…
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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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