Monday update

SHORT TERM: quiet open – positive day, DOW +72

Overnight the Asian markets lost 0.1%. Europe opened higher and gained 0.3%. US index futures were lower, then higher overnight. The market opened one point above Friday’s SPX 2579 close, ticked down to 2578 by 10am, then started to rise. At 10am leading indicators were reported higher. The advance continued until 3pm when the SPX hit 2585. Then a pullback into the close ended the day at SPX 2582.

For the day the SPX/DOW gained 0.20%, and the NDX/NAZ were mixed. Bonds lost 6 ticks, Crude slipped 35 cents, Gold fell $15, and the USD was higher. Medium term support remains at the 2575 and 2525 pivots, with resistance at the 2594 and 2632 pivots. Tomorrow: existing home sales at 10am.

The market opened slightly higher today, dipped, then rose to SPX 2585. Fairly quiet day, starting what appears may be a fairly quiet holiday week. No change in the short term count from SPX 2557 for Minute v: 2590-2578. Of the widely followed US indices: only the SOX made new highs today. Short term support is at the 2575 pivot and SPX 2557, with resistance at the 2594 and 2632 pivots. Short term momentum traded above/below neutral today. Best to your trading!

MEDIUM TERM: uptrend

LONG TERM: uptrend


About tony caldaro

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121 Responses to Monday update

  1. Normand Gauthier says:


    normand Gauthier



  2. The minimum requirements to end Int 1 and begin Int 2 are in. We have have seen the Int 1 top. Earnings are over, all the good news is already built into prices. Expect the unexpected. Holidays are famous for turning points. Int 2 could start at any time. Spx 2601 is offering some resistance. I suspect either we get some news over the holiday or we just start selling off.


  3. NEWBIE says:

    Do you guys realize that almost every trader is long thinking we go higher into Thanksgiving? This would strategically be the best time to do a rug pull overnight.


  4. tommyboys says:

    Looks like a new daily high in the A/D!!


  5. scottycj1 says:

    Since 3 was longer than 1, 5 can be any length (TC’s words) I can count 5 up from 2557 and 2601 produced a quick reversal….lets see if it holds


      • Rick Jend says:

        I really like this count Scotty. I’ve been looking for 2,610 as THE possible peak (1,810 + 800) for quite a while now. Looks like we might hit the 2,610 area tomorrow, maybe at the close? We’ll see what happens after that. Good eyes!


      • scotty…this is what scares me. This is way too short in terms of time, not that, that means anything but SPX already rallied over 40 points. These 2 factors lead to my analysis this morning that SPX is probably trading in Nano wave iv…maybe Nano wave of micro wave 1 completed earlier today. Need to see how much of a pullback there is. If my analysis is accurate, SPX will probably rally to Tony’s higher targets for Minute wave v.


  6. allen kimble says:

    Yes sir


  7. NEWBIE says:

    There are no more buyers and no shorts left to squeeze as everybody is on the same side of the trade (LONG). In the meantime, internal indicators are screaming market top.


  8. lunker1 says:



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