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By Elliott Wave Lives On
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friday update

Friday, October 28, 2016 13:18
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SHORT TERM: recent pullback continues, DOW -8

Overnight the Asian markets ended mixed. Europe opened lower but gained 0.1%. US index futures were higher, then lower overnight. At 8:30 Q3 GDP was reported higher: 2.9% v 1.4%. The market opened 4 points below yesterday’s SPX 2133 close, dipped to 2128, and then began to rally. At 10am consumer sentiment was reported lower: 87.2 v 87.9. Around 1pm the SPX hit 2141, and then began to selloff when news broke that the FBI was reopening the Clinton case. The market then hit SPX 2119 just past 2pm. After that it was just as choppy heading into a SPX 2126 close.

For the day the SPX/DOW was -0.20%, and the NDX/NAZ was -0.60%. Bonds rose 1 tick, Crude dropped 95 cents, Gold rallied $6, and the USD was lower. Medium term support drops to the 2116 and 2085 pivots, with resistance at the 2131 and 2177 pivots. Today the WLEI was reported lower: 58.0% v 58.5%.

Quite a volatile day: decline, rally, selloff, rally, then decline again. At today’s low the SPX came within 4 points of the recent 2115 low. As we have been noting this week, with all the choppy activity, this downtrend does not appear to be done yet. Two potential patterns are emerging for this Minor wave 2 correction. Should know more by next week. Short term support is now at the 2116 pivot, and SPX 2100, with resistance at the 2131 pivot and the mid-SPX 2140’s. Short term momentum created a positive divergence early, rallied, dropped, then created another positive divergence at the low. Best to your weekend!

MEDIUM TERM: downtrend

LONG TERM: uptrend


Filed under: Updates


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