Wednesday update

SHORT TERM: gap up opening then pullback, DOW -1

The first three days of the week displayed Asian markets losing 0.8%, and European markets losing 0.5%. The SPX started the week at 2736, sold off to 2681 on Monday, gapped down to 2633, and then 2632 on Tuesday. Then Wednesday had a gap up opening carrying the SPX to 2671, before an afternoon pullback ended the day at 2650. This is not exactly what we had planned in the weekend update. This week, for the first time in many weeks, the market has deviated from the pattern we had been tracking.

Yesterday the NDX/NAZ made lower lows for their downtrends. While the SPX/DOW have not, we were not expecting that. This suggests their Intermediate wave A downtrends are continuing. Which also suggests the SPX/DOW may follow in an extended downtrend. Hard to pinpoint at the moment what lies immediately ahead. But we did notice that the NAZ, and only the NAZ, appears to have done five waves down from its bull market high. The other three indices are all in a-b-c mode. If this is the case it might help us identify the bear market low as it is unfolding. Short term support is at the 2632 and 2594 pivots, with resistance at the 2656 and 2731 pivots. Short term momentum ended the day nearly at oversold. Happy Thanksgiving everyone. Friday the markets close at 1pm.

MEDIUM TERM: downtrend

LONG TERM: downtrend probable

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

About tony caldaro

Investor
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212 Responses to Wednesday update

  1. kvilia says:

    Initiative Q.
    Approved folks who submitted, still have 2 invites left.
    https://initiativeq.com/invite/rG3p7NyR7

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  2. Have a few Q invites left if anyone is still looking to sign up.

    https://initiativeq.com/invite/rgy18m1R7

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  3. chandra d says:

    I’m leaving this blog bcoz of some egoists sorry for Tony Sir If have used any foul language

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    • Chandra, It’s important to ignore garbage in life. Leaving the blog will only encourage low life garbage. Consider him a chutiya and ignore.

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      • fionamargaret says:

        …just as I try to overcome the ad hominem attacks on others with kisses….life is difficult enough for most, and encouragement never hurt anyone…(dare I leave a kiss)…

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  4. chandra d says:

    If u have guts hold ur long up to Dec end or shut ur mouth if u have courage take challenge or shut ur mouth

    Like

  5. chandra d says:

    Allen kimble worst fellow first check Nov 13 chat and tell u keep going long u already lost worst fellow no need to insult others

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  6. gary61b says:

    ES, my call on Tues. of 2525 support was front run by 3 ticks and looks to be a possible 2656, but maybe not today.

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  7. phil1247 says:

    travis

    34 supported
    that was enough to dump most remaining shorts

    now i am in the reverse position from last weekend
    i am only holding a few token short lotto tix .. lol

    Like

  8. scottycj1 says:

    I think we could see the market take out the late October lows today….we may possibly be in a 3 of 3 down

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  9. chandra d says:

    It’s Nov23 power cycle down

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    • allen kimble says:

      Ohh Good, chandra shows up. The rally will be the real deal. This guy has been worse than AAmichael or even MCgone. Fade him and profit from it. Comedy show…lol

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  10. chandra d says:

    Those bluechannels and others who says Santa rally have to rethink this time bcoz mkt will keep going down until Dec end

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