Friday update

SHORT TERM: tech earnings gap up opening, DOW +33

Overnight the Asian markets gained 0.3%. Europe opened higher and gained 0.5%. US index futures were higher overnight, and at 8:30 Q3 GDP was reported higher. The market gapped up at the open to SPX 2571. Then after a dip to SPX 2566 in the opening minutes the market moved higher. At 10am Consumer sentiment was reported lower. The rally continued throughout the day well into the afternoon as the SPX hit a new high at 2583. Then the market drifted lower into the close to end the week at SPX 2581.

For the day the SPX/DOW gained 0.50%, and the NDX/NAZ gained 2.55%. Bonds gained 10 ticks, Crude rose $1.35, Gold added $6, and the USD was higher. Medium term support rises to the 2575 and 2525 pivots, with resistance at the 2594 pivot.

The market gapped up at the open for the second day in a row today. And the market rallied to all-time new highs, confirming Micro wave 5 is underway. Around 2:30 the SPX hit 2583, five points above the previous high, then backed off some into the close. An eventful week, with Micro 3 and Micro 4 completing and Micro 5 underway to eventually complete Minute wave iii. We’ll cover the short term wave count, and potential future pullbacks in the weekend update. Best to your weekend!

MEDIUM TERM: uptrend

LONG TERM: uptrend


About tony caldaro

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28 Responses to Friday update

  1. Morning Mr. C.
    I notice that the timeframes (duration) of the SPX daily and 60 minute charts are almost the same (I.e., about 10 months of price data). Historically, your SPX 60-min chart has only shown about 5 months of price movement. Seems like the 60-min chart is “crowded” and doesn’t show the actual volatility anymore.
    PS, thanks for all of your work. I read you every day. Rick.


  2. GO ASTROS!!!!!
    Percentage of stocks above their 50sma still dropping. About 68% right now. Started at 80% less than 10 trading days ago. Waterfall on the way? I hope not.


  3. NEWBIE says:

    BREAKING NEWS: CNN: First charges filed in Mueller investigation
    The special counsel’s investigation has focused on potential collusion between the Trump campaign and Russia, as well as obstruction of justice by the President, who might have tried to impede the investigation. CNN reported that investigators are scrutinizing Trump and his associates’ financial ties to Russia.

    WOW- Maybe Trump will be charged- I would hate to be long here.


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