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By Elliott Wave Lives On
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Friday update

Friday, October 21, 2016 13:33
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(Before It's News)

SHORT TERM: gap down opening then rebound, DOW -17

Overnight the Asian markets lost 0.1%. Europe opened higher but finished mixed. US index futures were lower overnight, and the market gapped down to SPX 2133 at the open. The SPX had closed at 2141 yesterday. In the opening minutes the SPX hit 2130, set up a short term positive divergence, and began to rally. The rally lasted until just after 3pm when the SPX hit 2143. Then a dip into the close ended the week at SPX 2141.

For the day the SPX/DOW were -0.05%, and the NDX/NAZ were +0.35%. Bonds gained 2 ticks, Crude added 25 cents, Gold rose $1, and the USD was higher. Medium term support remains at the 2131 and 2116 pivots, with resistance at the 2177 and 2212 pivots.

The market gapped down at the open this option expiration Friday. Ticked down to SPX 2130 and then rallied to 2143, before settling close to unchanged. With today’s decline to SPX 2130 we now have four waves from last week’s 2115 low: 2149-2124-2148-2130. Some may count this pattern as correctional. Some may count it as a coiled spring of 1-2’s ready to breakout to the upside. With the tech sector in an uptrend I’m in the latter camp. Weekend update is tomorrow. Best to your weekend!

MEDIUM TERM: downtrend may have bottomed

LONG TERM: uptrend

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

Filed under: Updates

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