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By Elliott Wave Lives On
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Monday update

Monday, October 3, 2016 13:47
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SHORT TERM: gap down opening starts October, DOW -54

Overnight the Asian markets gained 1.2%. Europe opened higher and gained 0.4%. US index futures were higher, then lower, overnight and the market gapped down to SPX 2161 at the open. The market had closed at SPX 2168 on Friday. In the opening minutes the SPX dropped to 2157, and then tried to rally. At 10am construction spending was reported lower: -0.7% v 0.0%, ISM was reported higher: 51.5 v 49.4, and auto sales were reported lower. Just before 11am the SPX hit 2164, and then resumed its pullback. At 12:30 the SPX hit 2155, then rebounded into the close to end the day at 2161.

For the day the SPX/DOW lost 0.30%, and the NDX/NAZ lost 0.20%. Bonds lost 6 ticks, Crude gained 45 cents, Gold slipped $3, and the USD was higher. 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 2.2% v 2.4%.

The market gapped down at the open, traded down to SPX 2155, then rebounded into the close. We now have another wave down in this choppy activity. If the market is going to rally again, then it should hold SPX 2142/45 for support. The double zigzag, noted in the weekend update, is still in play. And, it now requires a rally above SPX 2175 to complete. Short term support is at SPX 2142 and the 2131 pivot, with resistance at the 2177 pivot and SPX 2194. Short term momentum ended the day around neutral. Trade what’s in front of you!

MEDIUM TERM: choppy activity continues

LONG TERM: uptrend


Filed under: Updates


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