SHORT TERM: gap up opening, DOW +165
Overnight the Asian markets lost 0.9%. Europe opened lower and lost 0.1%. US index futures were lower, then higher overnight and at 8:30 jobless claims were reported lower. The market gapped up at the open to SPX 2711, then rallied to 2723 in the opening minutes. Then after a quick pullback to SPX 2709 by 10am, the market rallied to 2731 by noon. At 10am leading indicators were reported higher. After that the market started to pullback again. Heading into the close the SPX hit 2698, then bounced to close at 2704.
For the day the SPX/DOW gained 0.40%, and the NDX/NAZ were mixed. Bonds gained 6 ticks, Crude rose 95 cents, Gold jumped $6, and the USD was lower. Medium term support remains at the 2656 and 2632 pivots, with resistance at the 2731 and 2780 pivots.
The market gapped up at the open as this volatile February continues. While the first two weeks of the month were on the sell side, and last week was on the buy side. This week has been somewhere in between: buy the dips – sell the rips. The market opened higher today, rallied into the afternoon, then headed south. The same pattern every day this week. Thus far from the recent SPX 2533 low: 2754-2707-2748-2698. If the current low does not hold, (+div), there is some Fibonacci support at 2670 (.38.2%), 2656 (pivot) and 2644 (.50.0%). Short term support is at the 2656 and 2632 pivots, with resistance at the 2731 and 2780 pivots. Short term momentum ended with a positive divergence. Best to your trading!
MEDIUM TERM: uptrend probably underway
LONG TERM: uptrend
CHARTS: https://stockcharts.com/public/1269446/tenpp
SPX next target 3050
BTC target 19000 for wave 3
Good stuff Jobjas…
Sad about Billy Graham…a great man.
I hope all is well with you…x
Why it’s sad?
If you could glimpse into next life for 1 second, they say.. you would actually ponder taking your life to get there.
What waits for those who follow the lord ways, is beyond our human ability to comprehend.
Yes, Billy was good man!
I’m sure he’s in much better place!
God bless
GREAT wording Swing! Brings hope for sure. Thanks!
https://drive.google.com/file/d/1w4sWeIbAyG0F7DELMrTHxv4-nLOZyjUR/view?usp=sharing
i think more likely the bear continues post mania per abc’s map…
https://i.imgur.com/JQZ4pdy_d.jpg?maxwidth=640&shape=thumb&fidelity=medium
Talking BTC here not SPX. Agree with your SPX target!
http://davidstockmanscontracorner.com/the-albatross-of-debt-the-stock-markets-67-trillion-nightmare-part-2/
Newbie, you have a link to part-1? Thanks.
http://davidstockmanscontracorner.com/the-albatross-of-debt-the-stock-markets-67-trillion-nightmare-part-1/
Paranoia HAS destroyed ya…
It’s all true……..but the market is on its own path and this kind of info
could take years to play out and cause a decline…..in the same class as Harry Dent and
Peter Schiff (although Shiff sells gold so is self serving)
He will be right….just like you……..but when ? These are the dullest of timing tools.
Yes Prechter, Dent, Stockman, Bonner & Wiggins etc. ALL big deflationists preaching doom for decades. May be correct someday – or for a year or two in between – but NO way to base market analysis or a weslth growing strategy. Possible they’ll NEVER be right as technologies that haven’t even been created yet may change everything. Maybe fiat debt just won’t matter in the future? Maybe war obliterates all? Maybe Crypto changes everything, Maybe world order resets all debts? Maybe debt can grow to infinity?Who knows there are a million scenarios. Stop wasting everyone’s time.
NEWBIE
stockman has been preaching deficit disaster for DECADES
reminds me of prechter
maybe someday they will be right
but not anytime soon
SCOTTY…….. look up … LMAO!
you beat me by 1 minute !
Great minds think a like
http://tradingdiary.incrediblecharts.com/
Thanks Colin Twiggs
https://www.mcoscillator.com/
Thanks Tom McClellan
Thanks and love to Tony…..and thanks to everyone xx
Fiona, do you find these Végh meditative and addictive? 😉
You know who else has a bit of that old charm? Hungarian Quartet.
https://www.amazon.com/gp/product/B01N0XATPS/ref=oh_aui_detailpage_o05_s00?ie=UTF8&psc=1
I just wish I can find these on LP’s as they are in most cases superior to glary CD’s.
Absolutely Blue…just shut your eyes and let the music into your mind until there is nothing else but the notes forming their own pattern
I found another really interesting quartet, which I shall play…and I shall listen to your suggestion.
There are a few good music shops…one in London where they usually can find a good stringed instrument, and also recordings…I shall try and find the name for you. They do not advertise.
This is somewhat similar to someone wanting a good dog or horse…basically word of mouth and time….but ultimately so rewarding….x
while I am, a Caldaro EW fan. The update by Daneric,
has me stunned, and confused short term.
What does he say?
Nothing
Lol, that guy is a joke. He is beyond repair.
Feel like I’m in the minority here but everything is still under resistance.. 2750s SPX, 12550 Dax and 7300 FTSE. Follow through on Monday above those levels and I’m out of shorts and will take my Feb profits and run for a while. Price is still choppy apart from that last hour on Wall Street. Have to favour the bears unless bulls can get price above those areas and hold it there
You have to admit that sure felt like a 3rd wave today/
Tony seems to have nailed the short term count Glad I wasn’t short.
Or a wave 2 or a b wave.
While I’m a huge supporter of TC pivots, no where does he say the market was turning up short turn. He says “if” support doesn’t hold we “could”. It’s up to us to confirm direction and place our bets. He says what he thinks are supports and pivots and sometimes divergence. Not sure if that’s what you meant but there wasn’t any tea leaves in message above.
mcg, you’re certainly not alone. While I must admit (in hind sight) I regret not going all in at the 2530 bottom. I couldn’t imagine the bounce going this high. There are just so many potential paths, the least of which isn’t the rogue wave aspect of the all time high. The market has clearly favored the ultra bulls – up ’till now. Most likely the bulls will carry this forward until everyone is convinced that there will be no turn down…and then pull the rug. Knowing when is incredibly difficult in this market. And, no matter how sharp the short term moves…this does not feel like an impulsive move up. It feels corrective. Alas, I’ve been wrong before. Good luck.
have to agree…….felt like nothing but short covering …..value was still built on the lower end all day….as of yet value has not changed……we will see if shorts have lost control soon enough…….not convince yet
too early once again. /es may have just broken a bull flag…ym and nq already did. let my bias get the best of me. absolutely ridiculous targets with those… is it really that easy? there were so many unsophisticated investors buying OTM march calls in January. can they really all make money?? are there that many bears to lose that much money??
yes nq target is 7600
why am i wasting time with spx?
if its stronger than we expect
look for nq 8475 …( the – 618 target)
TQQQ can be an amazing play if this breakout has legs
For those who care about such things, SPX had its best day on a Friday in 2 years (3/11/16), but did so on the lightest NYSE volume of 2018.
The only major note of interest today,besides the moving average breakout,was HYG stopped below ITS resistance at 86.50.So,no confirmation from that yet.Won’t take much though,to make that happen Monday.No sure thing,but wouldn’t bet against it.
BitCon had been down around 1000 cow chips overnight,but by 9am was up again.HYG joined in and it was risk on(GDX even joined in).Quite a day.Good luck all.