Monday update

SHORT TERM: gap down opening, DOW -85

Overnight the Asian markets were mixed. Europe opened higher but ended mixed as well. US index futures were lower overnight, and at 8:30 personal income/spending were both reported higher. The market gapped down at the open to SPX 2574, held, then tried to rally. The SPX had closed at 2581 on Friday. By 10:30 the SPX had reached 2580, then headed lower. Around 12:30 the SPX hit 2568, and tried to rally again. Heading into the close the SPX reached 2575, then closed at 2573.

For the day the SPX/DOW lost 0.35%, and the NDX/NAZ were mixed. Bonds gained 13 ticks, Crude rose 20 cents, Gold added $4, and the USD was lower. Medium term support slips to the 2525 and 2497 pivots, with resistance at the 2575 and 2594 pivots. Tomorrow: Case-Shiller at 9am, the Chicago PMI at 9:45, and consumer confidence at 10am.

The market gapped down at the open for the first time since October 19th. In fact over the past 8 trading days, and 40-point SPX trading range, there have been five gap openings. Choppy activity while the SPX was making two new highs: 2575 and 2583. We’re expecting this choppiness to continue until waves Minute iii and iv complete. Then Minute v should be a fairly good rally to new highs. Currently not seeing any potential top for this Micro wave 5 rally, unless the SPX drops into the low 2560’s. Short term support is at SPX 2544 and the 2525 pivot, with resistance at the 2575 and 2594 pivots. Short term momentum neared oversold during today’s pullback, then nudged higher. Best to your trading!

MEDIUM TERM: uptrend

LONG TERM: uptrend

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

About tony caldaro

Investor
This entry was posted in Updates and tagged , , , . Bookmark the permalink.

108 Responses to Monday update

  1. torehund says:

    Prima Vera here in Peru !

    Like

  2. H D says:

    October SPX open 2521 + (55) = 2576. also notable Mat’s fib target 2584 achieved in Oct.

    Like

  3. vivelaamo says:

    I’d love it if we made all time highs today. Would be quite amusing. Happy Halloween!!

    Like

  4. phil1247 says:

    CL……….. sneaking up on 54.72 target
    kvilia… did you get back in?

    Like

  5. kvilia says:

    Hey, party boyz. Does anyone consider this?
    https://invst.ly/5n54k

    Like

  6. Some looking for A C wave down into the close. See if we get it

    Like

  7. NEWBIE says:

    Happy Halloween.

    Like

    • tommyboys says:

      You’re not a sexist are ya Newb?

      Like

      • NEWBIE says:

        No, she’s just my favorite today!

        Like

      • Lee X says:

        Please say youre kidding TBoyz
        That broad is as American as apple pie
        😉

        Like

        • tommyboys says:

          Come on Lee – It’s no longer acceptable to derive pleasure from exploiting ladies…

          Like

        • H D says:

          Any luck?
          I’ll be helping on a desert mule deer hunt this weekend.

          Like

          • Lee X says:

            No luck this time H D
            I saw one decent buck but it was too far from me.
            I did have a bobcat come right under my stand and it would not leave until the buck left the area.
            I got some good clean air and some good thinking in though 😉

            Good hunting to you sir !!

            Like

          • H D says:

            Sounds like a cool encounter. Clean air and good thinking is always nice.

            Liked by 1 person

          • fotis2 says:

            .308 sporter ex military mauser, Tasco 6×40 scope 165 grain Nosler Partition handloads zero in at 200yds for plains game and 100 for bush my favorite combo for everything from springbok to Kudu when I lived in South Africa man you guys just brought back a rush of memories,the smell of the campfire in the crisp winter mornings,the stunning sunrises and sunsets the tall stories in camp after a few ales ’bout the ghost Rowland Ward buck that got away…

            Liked by 1 person

          • H D says:

            +1, we’d all be a little more civil if we spent more time outside. I’m in for South Africa sometime. Nosler is a great bullet. I absolutely geek out over ballistics. Haven’t got into handloads, I got a guy for that, but little HD used the 6.5 CM at 471 yards for his buck this year. 1 shot. 120 grain, 5.5 MOA. My turn in December.

            Like

          • NEWBIE says:

            Speaking of ballistics. Warren commission never admitted to a second shooter but the newly released documents show a bullet entered through the front of Kennedy’s throat. This man know his stuff, take a listen.

            Like

          • torehund says:

            Lee: When I do archery I am in the Zone for a couple of minutes out of an hour. Guess its similar when out hunting, and you should only shoot when this occurs. Other times is a win for the animal and for the hunter waiting for just the right moment in time and space. Nothing better for the mind than archery, did you solve the Crude puzzle ? Will the 3rd wave go to 100 or so or fold like a well done spaghetti ?

            Like

          • Lee X says:

            Very cool torehund
            I was bow hunting up in a tree stand , it’ as zen as it gets for me
            😉
            RE:CL
            $73 ish
            At some point before I leave this Earth, I think
            But maybe you guys will get your zero to $14 first ?

            Like

      • allen kimble says:

        SJW to the rescue…….Gotta love the Untied States……looking is bad and possible rape,,,,lol

        Like

    • H D says:

      I love symmetry

      Like

  8. allen kimble says:

    Miners, Gold, Silver….looking sickly again today. FOMC tomorrow, is usually bearish for the Metals complex and Friday is Non-farm payrolls, which WILL be bearish for the complex as well. Short them at will until year end.

    Like

  9. looks like chop today, waiting for tomorrow news

    Like

Comments are closed.