Friday update

SHORT TERM: lower open quiet day, DOW -40

Overnight the Asian markets lost 0.3%. Europe opened higher but lost 0.5%. US index futures were lower overnight, and the market opened 5 points below yesterday’s SPX 2585 close. At 10am consumer sentiment was reported lower. Then around 10:30 the SPX hit 2576, firmed, and started to move higher. A drift higher continued into the last hour of trading when the SPX hit 2584. Then a dip at the close ended the week at SPX 2582.

For the day the SPX/DOW lost 0.15%, and the NDX/NAZ ended mixed. Bonds dropped 16 ticks, Crude slipped 25 cents, Gold slid $10, and the USD was lower. Medium term support remains at the 2575 and 2525 pivots, with resistance at the 2594 and 2632 pivots.

The market opened lower today, did not drop to yesterday’s low nor reach yesterday’s high. Basically an indecisive inside day. We’ll continue with the short term count(s) posted yesterday. Triggers: 2566 and 2597. More on the recent action in the weekend update. Best to your weekend and happy Veterans Day!

MEDIUM TERM: uptrend

LONG TERM: uptrend

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

 

About tony caldaro

Investor
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8 Responses to Friday update

  1. STEPHEN BARTLETT says:

    As someone else pointed out. Big Nikkei reversal. Dax and ftse got hit. Transports. Vix. RUT. And the S&P dropped what. Nothing. Not really sure what that means but I think if NDX sets a new high close, I will close my short for a small loss. I am paired with a HSCEI long.
    If you dig down a little. Nikkei reversal was off a Demark weekly sell signal. That only calls for a couple of weeks of weakness. The Dax was off a 5=1 which may mean a much larger correction but could also mean this correction is 1 of 5 to finish shortly and wave 5 will extend. FTSE correction may be a c wave that ends here. Vix a dead cat bounce. RUT may have just shook out technical longs.
    Bears need to see the U.S markets move down next week. No ifs or buts or we rally to xmas.

  2. Hi Tony
    Very great analysis.
    I have a question regarding Dax: could the current drop(approx 400 points) be seen as a Intermediate wave II? or what is your view on that?

    Best regards
    Rasmus

  3. fionamargaret says:

    https://www.mcoscillator.com/learning_center/weekly_chart/the_new_fang_plus/
    Thanks Tom McClellan

    Thanks Tony….and everyone xx



  4. Bud Fox says:

    Mary773….very nicely done…

  5. Mary773 says:

    Excellent week of analysis, Tony.

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