Tuesday update

SHORT TERM: selling continues, DOW -363

Overnight the Asian markets lost 1.1%. Europe opened lower and lost 1.0%. US index futures were lower overnight as well. At 9am Case-Shiller was reported higher. The market gapped down at the open for the second day in a row, after closing at an all-time high on Friday. The SPX opened at 2829, after ending Monday’s session at 2854. In the opening minutes the market rallied to 2838, then dropped to 2818, the low of the day, at 10am. At 10am consumer confidence was reported higher. The market then rallied to SPX 2835 by 11am. After that thee market traded in a wide range and ended the day at SPX 2822.

For the day the SPX/DOW lost 1.25%, and the NDX/NAZ lost 0.85%. Bonds lost 6 ticks, Crude dropped $1.20, Gold slid $6, and the USD was lower. Medium term support drops to the 2798 and 2780 pivots, with resistance at the 2935 and 2858 pivots. Tomorrow: the ADP at 8:15, Chicago PMI at 9:45, pending home sales at 10am, then the FOMC statement at 2pm.

The market gapped down at the open today for the second day in a row, continuing this week’s pullback from the Friday closing high of SPX 2873. During Monday’s decline the SPX overlapped the previous rally high (2853), when reaching 2851 late in the day, for the first time since mid-December. After yesterday’s close, noting the overlap and nine waves up from the SPX 2652 low, I posted Nano (gray) waves 1-2-3 on the hourly chart: 2672-2652-2873-2818 so far. Nano 4 underway now, with new highs for Nano 5/Micro 3 next. It has been a very long uptrend with lots and lots of waves. And, the short term count is just one of many that could be presented. Trade what you see!

MEDIUM TERM: uptrend

LONG TERM: uptrend

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

About tony caldaro

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170 Responses to Tuesday update

  1. scottycj1 says:

    Market will likely turn the daily Algo to sell tomorrow…..our markets will join Dax, Japan and Ftse in the sell zone


  2. H D says:

    123 abc! Maybe the best call I have seen via elliot wave in a long time. worth about $10,000 per, so far, in less than a week. Kudos!


  3. would have to say market looks sick. Covered my long have no position, could drop to 2777 area or could be wave 1 up now 2 down. Will sit this one out and watch.
    Go Patriots the GOAT gets number 6.
    Good luck all


  4. learnedmylesson25 says:

    Watching DJT and HYG weaken.A move down by either should take SPX red.We’ll aee.


  5. blubrd67 says:

    CL flush action again or new highs?


  6. lunker1 says:

    phil and asa, many thanks for taking the time to share and teach. I think you’re helping a lot of people. I now look at price action differently and helps me understand the true trend direction. A few times this week looked like there was a long reversal and trend charge but the shorts hadn’t broken yet so they were merely countertrend bounces. That’s really important stuff. I really like how it works


  7. vivelaamo says:

    Hammer confirms tomorrow and pb done. Hope nobody is still short.


  8. Lee X says:

    Tony’s 60 min SPX chart back at the
    ema 34 @2833.50
    That sucker goosed it all the way last month



  9. Dow was week and Nas was strong. Rolls have changed a little. Looks loike markets are getting in sink to move together. I assume its up


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