SHORT TERM: gap up opening sold then rebound, DOW +171
For the first three days of the week the Asian markets lost 0.4%, and the European markets lost 1.3%. US markets were closed Monday, had a gap down opening on Tuesday hitting SPX 2617 before rebounding in the last hour. Then had the above mentioned gap up opening today, which was sold until the SPX made lower low at 2613. Then the market rebounded in the afternoon.
Early Tuesday the end of month US-China trade meeting was reported cancelled. Kudlow came on CNBC in the last hour to say that report was false. Market is obviously still hostage to that important trade deal. Technically. The decline sets up a potential further drop to SPX 2604. This would give the SPX a potential 4th wave as long as it rallies to 2675 afterwards. It could also begin another avalanche if the SPX drops below 2520. This is were the first wave up of this rally ended. Inflection point remains with specific parameters for SPX price now: 2520, 2603, and 2675.
Short term support is at the 2632 and 2594 pivots, with resistance at the 2656 and the 2731 pivots. Short term momentum displays a positive divergence at today’s lows. Best to your trading!
MEDIUM TERM: uptrend 60% probable
LONG TERM: uptrend 60% probable
the ELLIOTT WAVE lives on 
Yes, there are plenty of Republican anti-Trump open borders idiots.
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No one is for open borders, no one. that is just another GOP lie because truth is not something they can win on.
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Weekly spx candle finished as a bearish harami we should head down next week or we do a head fake if so I have 2682 then down otherwise we head down with a target of 2605 either way volatility will be name next week.
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Here’s an interesting article pointing out all of the data that’s been delayed, but what I thought was interesting was his reply in the comments about the FED doing a reverse twist…. Buying the short end and selling the long end and focusing more on MBS…..
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Since the market is closed ….. here is a simple view of where we are. You can see which line we need to get over and trade/stabilize. The length of the almost-vertical white line is the same as the length of the almost vertical blue line. These are trading boxes. Maybe like Darvas.
*If* we start to trade near 2800 (the middle of the white box) late bulls will join the chorus.
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Between a Govt. shutdown and a Trump shutup, I think I would be willing to make a small donation for the latter. Even just a week of peace will be nice. 🙂
Yes Constable Lunker, I know, I know. But it’s Friday, and some of us habitually say things cheerfully. 🙂
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I’m in!
Time to enjoy a nice IPA and some 65 degree weather!
Cheers! 🙂
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https://imgur.com/LREa0J4
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