Tuesday update

SHORT TERM: higher open then sideways, DOW +29

Overnight the Asian markets lost 0.2%. Europe opened higher and gained 0.2%. US index futures were higher overnight. At 9am Case-Shiller was reported higher. The market opened three points above yesterday’s SPX 2573 close, then dipped down to 2572 by 10am. At 9:45 the Chicago PMI was reported higher, then at 10am consumer confidence was reported higher too. The market then rose to 2578 by 11am and held there until 3:30. Heading into the close the market dipped to SPX 2574 and closed at 2575.

For the day the SPX/DOW gained 0.10%, and the NDX/NAZ gained 0.40%. Bonds lost 4 ticks, Crude added 30 cents, Gold slid $4, and the USD was lower. Medium term support remains at the 2575 and 2525 pivots, with resistance at the 2594 pivot. Tomorrow: ADP at 8:15; ISM, auto sales, and construction spending at 10am; the FOMC statement at 2pm.

The market opened higher today, dipped, and then tried to rally. In the end it remained within yesterday’s range. There is now a technical setup we were not expecting. It is possible Micro 5 ended on Friday at SPX 2583. During Minute i: After a one month Micro 1 and Micro 3, Micro 5 was only two days and ended with a gap up. During Minute iii: Micro 1 was one month plus Micro 3 was two months, and thus far Micro 5 is only two days (Friday 2583) with the last day a gap up. The key it appears is Monday’s range: 2568-2580. A break of 2568 could lead to further downside and a Minute iv pullback. We just posted a green Minute iii at SPX 2583. Short term support is at the 2575 pivot and SPX 2544, with resistance at SPX 2583 and the 2594 pivot. Short term momentum barely reached overbought during today’s rise. 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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191 Responses to Tuesday update

  1. bfquant says:

    Bearish engulfing bars on IWM (small caps) and HYG (high yield)

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  2. learnedmylesson25 says:

    Just a quick GDX update.Sitting at 22.56 which is below the 10d (22.81)and 20d (23.05)For me to get bullish–at least the 10 and 20 must get jumped over.It’s just mashing around.Ira says,gold must get over 1284 to be friendly.Well,my cold turned into pneumonia.Nasty stuff.On antibiotics,for 12 hours and some improvement.I’ll be fine–goldfingers crossed.Good luck all.

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  3. kvilia says:

    What did Yellen say to put markets in coma?

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  4. vivelaamo says:

    Better luck next time Newb 👍🏽

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    • tommyboys says:

      Vive why did DAX soar overnight – almost 2%?

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      • vivelaamo says:

        I have no idea. It was mentioned on here it was due to market being closed yesterday.

        Either way looks very bullish.

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      • allen kimble says:

        Little Tommy…..Do I have to hold your hand here? It’s NOVEMBER and a new month. Inflows are happening PLUS overweight with funds getting ahead of the the best 6 months of the year into spring 2018. I really don’t know why it’s so hard for you to see this? I suggest you look in the mirror and ask yourself why you are so lost?

        Good luck

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        • tommyboys says:

          Sorry Big Al I’m just not that bright. I need folks like you and Newb to help me from time to time. Why the adamosity – I don’t know you from Adam?

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          • allen kimble says:

            I do apologize Tommy. I might have come off too hard. Again sorry for that.

            Here is the thing, the game is somewhat rigged from November to May of every single year and the bias is to the upside. I say this because Tony tends to overlook seasonality and he made a massive blunder by calling for a correction yesterday during the start of the best season of the year. Most here are shocked but it’s actually quite normal and business as usual.

            Trade safe and with the season.

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          • NEWBIE says:

            Allen, I think you work for goldman sachs. Seasonality don’t mean squat when your in a bubble- party can end at anytime. We should hit 2550 by tomorrow/ Friday.

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          • chrisk44342 says:

            Tony must have a stomach full of lead to tolerate some of the stuff that gets posted here. Did he tell anyone to go short? No. What kind of massive blunder is that? This isn’t a ‘Tony trading site’.

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          • H D says:

            last year Nov started w a 50 point hit. quite normal

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          • H D says:

            year before that Nov started w a 94 point hit…. you were saying?

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          • allen kimble says:

            HD-Last year, election year seasonality jitters…NORMAL……Previous year was the earnings recession….NORMAL…This year……PERFECT post election seasonality action.

            You were saying?

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          • H D says:

            I was saying you kind of come off as a DB when you talk down to everyone here. Fact is Nov is not as you posted “every single year” as I helped you remember. Your welcome.

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        • mcgcapital says:

          Lol you do realise it can go down as well as up don’t you? I think the interest is because the other major indices have struggled to hold anywhere near their highs today and some have closed lower despite being up quite a bit. Dax has acted differently to the others without any significant newsflow

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