Monday update

SHORT TERM: market opens at new highs, DOW +153

Overnight the Asian markets ended mixed. Europe opened higher and gained 0.6%. US index futures were higher overnight, and the market opened two points above Friday’s
SPX 2519 record close. At 10am ISM manufacturing was reported higher, as well as construction spending. At 10:30 the SPX hit 2528 and began to pullback. The pullback lasted until noon when the SPX hit 2522. Then a rally into the close ended the day at SPX 2529.

For the day the SPX/DOW gained 0.55%, and the NDX/NAZ gained 0.20%. Bonds slipped 4 ticks, Crude dropped $1.15, Gold slid $8, and the USD was higher. Medium term support rises to 2525 and 2479 pivots, with resistance at the 2575 pivot. Tomorrow: auto sales in the morning.

The market opened higher today, rallied to SPX 2528, pulled back to 2522, then hit 2529 in the afternoon. New week, new month, new quarter, new highs. The short term count from SPX 2417 can now be notched up a bit: (1) 2455, (2) 2428, (3) 2480-2447-2509-2488-2529. For those wondering. The next OEW pivot is at SPX 2575. Short term support is at the 2525 and 2479 pivots, with resistance at the 2575 pivot. Short term momentum hit extremely overbought today. Best to your trading!

MEDIUM TERM: uptrend

LONG TERM: uptrend


About tony caldaro

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107 Responses to Monday update

  1. vivelaamo says:

    Taken rut profits. Bit of hanging man close. Will wait for another shallow pb to go long again.


  2. pooch77 says:

    Looks like rut consolidating for another leg up


  3. lunker1 says:

    SPX Double -D 60min RSI5 might see that 20 point retrace soon


    • scottycj1 says:

      Double trouble…………
      in the bubble


      • Typically this bull being extremely overbought and having negative divergence. Kicks the dirt snorts and then charges and the bear and gores him. See if this time is different.
        Im short from 2532. thought 2525 pivot would hold. Nope. good job bulls. see what the close brings


        • scottycj1 says:

          The part thats disconcerting is the CB’s unlimited money…..If none of the past timing methods work….if it will be kept afloat until only they will know when it shall top…. we are playing a fools game… a rigged game…..I’ve never believed that was the case….but I’m starting to think otherwise……Japan’s market is now owned by their CB to the tune of 80%.
          Who will they sell to ? Playing against an opponent who has unlimited funds is impossible to beat.


          • vivelaamo says:

            You can always join them?


          • mcgcapital says:

            Japan’s market is over $5trn and they’re buying $60bn ish a year. So central bank buying is about 1% of market cap. It’s the ETF market they’ve bought a huge chunk of but it’s not the same thing. This market can and will go down but it’s clearly not ready. None of these timing indicators work so might as well read the price action instead


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