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By Elliott Wave Lives On
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Thursday update

Thursday, September 22, 2016 13:18
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(Before It's News)

SHORT TERM: fourth gap up opening, DOW +99

Overnight the Asian markets gained 0.5%. Europe opened higher and gained 1.9%. US index futures were higher overnight as well. At 8:30 weekly jobless claims were reported lower: 252K v 260K, then at 9am the FHFA was reported higher: 0.5% v 0.2%. The market gapped up at the open hitting SPX 2175. The market had closed at SPX 2163 yesterday. At 10am leading indicators were reported lower: -0.2% v 0.4%, and existing home sales were lower: 5.33M v 5.39M. At 10:30 the SPX hit 2180, and then started to pullback. The pullback lasted until 2:30 when the SPX hit 2172. Then the SPX hit 2180 again just before a 2177 close.

For the day the SPX/DOW gained 0.60%, and the NDX/NAZ gained 0.80%. Bonds gained 10 ticks, Crude rose 75 cents, Gold added $3, and the USD was lower. Medium term support rises to the 2177 and 2131 pivots, with resistance at the 2212 and 2252 pivots.

The market gapped up at the open for the fourth day in a row this week. The first three were completely sold off by early afternoon. This one was not. With a post-FOMC rally underway, the NDX/NAZ have already confirmed new uptrends. Would expect the SPX/DOW to do the same shortly. Thus far from last week’s SPX 2120 low there are four rallies that all had partial retracements, with the last retracement ending at SPX 2140. This rally began at that level and has already hit SPX 2180. It appears we have four nested 1-2’s and a 3rd wave underway. Quite an unusual start to an uptrend. Short term support is at the 2177 and 2131 pivots, with resistance at SPX 2194 and the 2212 pivot. Short term momentum was extremely overbought at the high, and displays a slight negative divergence at the close. Best to your trading!

MEDIUM TERM: uptrend probably underway

LONG TERM: uptrend

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

Filed under: Updates

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