Thursday update

SHORT TERM: gap up and go kind of day, DOW +239

Overnight the Asian markets ended mixed. Europe opened lower but gained 0.6% on the day. US index futures were higher. At 8:30 weekly jobless claims reached a 50-year low and durable goods orders were higher. The market opened at SPX 2654 and continued to rise. The SPX had closed at 2639 yesterday. By 11am the SPX hit 2664. Then after a pullback to SPX 2654 again by 11:30 the market moved even higher. At 3pm the SPX hit 2676, then pulled back to close at 2667.

For the day the SPX/DOW gained 1.00%, and the NDX/NAZ gained 1.85%. Bonds gained 8 ticks, Crude added 15 cents, Gold dropped $5, and the USD was higher. Medium term support rises back to the 2656 and 2632 pivots., with resistance at the 2731 and 2780 pivots. Tomorrow: Q1 GDP at 8:30 (est. 2.0%), and consumer sentiment at 10am.

The market gapped up at the open today for the second time this week. Oddly enough, even without any gap down openings, the market is still down for the week. After dropping from SPX 2684 to 2613 by Wednesday, the market rallied back to 2676 today. Has anyone said this is bi-polar activity yet? Wildly swinging days/weeks, going on for three months, all within a 300-point range. Triangle, double-three, still looks like corrective activity. Short term support rises back to the 2656 and 2632 pivots., with resistance at the 2731 and 2780 pivots. Short term momentum ends the day just below overbought. Best to your GDP trading!

MEDIUM TERM: downtrend

LONG TERM: uptrend


About tony caldaro

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211 Responses to Thursday update

  1. Vivelaamo:
    I do agree with most of your market and political comments but you should try not to let yourself get sucked into personal blog vendettas.


  2. Viv:
    How could racism enter the picture when no one even knows what race you are unless that is a real picture of you? I am not even sure what gender you are. For that matter, what race is Travis?


  3. torehund says:

    Good weekend to Tony and all, waiting for the market to go bananas, either up or down🏇🍀🃏


  4. R D. says:

    Today was probably the most bearish day I have seen in a long time. Starting with yesterday’s globex and ending with today’s black candle bonanza. A funny black swan feeling…glad I’m short. Today wave E ended and the JPN225 made top. Tony have a great weekend.


  5. I’m with TC. All this price action doesn’t make me think “this is an uptrend”

    Even when it goes up it’s jerky and volatile. Convinced this is corrective still.

    Mucho love baby x


    • fionamargaret says:

      How is your business doing SLS? I hope you have the currency exchange figured out in your favour, but Brexit is causing quite a few changes for most of us…
      It has been a long time since you posted…I used to enjoy your posts, and hope you stick around…I think you are owing me a lunch…x


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