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By Elliott Wave Lives On
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Friday update

Friday, October 7, 2016 13:18
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(Before It's News)

SHORT TERM: another choppy day, DOW -28

Overnight the Asian markets lost 0.2%. Europe opened higher but lost 0.3%. US index futures were higher overnight. At 8:30 monthly payrolls were reported higher: 156K v 151K, and the unemployment rate was higher too: 5.0% v 4.9%. The market opened 5 points above yesterday’s SPX 2161 close, then immediately headed lower. At 10am wholesale inventories were reported lower: -0.2% v 0.0%. By 11:30 the SPX had dropped to 2145. Then it reversed and started to rally. At 2:30 the SPX hit 2157, and at 3pm consumer credit was reported higher: $25.8B v $17.7B. Then the market dipped lower to end the week at SPX 2154.

For the day the SPX/DOW lost 0.25%, and the NDX/NAZ lost 0.25%. Bonds gained 6 ticks, Crude slid 80 cents, Gold added $1, and the USD was lower. Medium term support remains at the 2131 and 2116 pivots, with resistance at the 2177 and 2212 pivots. Today the Q3 GDP estimate was lowered to 2.1% v 2.2%.

The market opened higher today, ran into resistance in the mid-2160’s again, and then pulled back into support in the mid-2140’s. Same story all week. The low for the week SPX 2144 and the high for the week SPX 2166. Despite the waves since the correction began there is another pattern emerging. Maybe this one will finally stick. Best to your weekend!

MEDIUM TERM: downtrend remains choppy

LONG TERM: uptrend

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

Filed under: Updates

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