Profile image
By Elliott Wave Lives On
Contributor profile | More stories
Story Views

Last Hour:
Last 24 Hours:

Friday update

Friday, October 7, 2016 13:18
% of readers think this story is Fact. Add your two cents.

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


Filed under: Updates


We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Top Global

Top Alternative



Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.