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By Elliott Wave Lives On
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Monday update

Monday, October 24, 2016 13:47
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(Before It's News)

SHORT TERM: gap up opening post op-ex, DOW +77

Overnight the Asian markets gained 0.5%. Europe opened higher and gained 0.1%. US index futures were higher overnight, and the market gapped up to SPX 2152 at the open. The SPX had closed at 2141 on Friday. In the opening half-hour the SPX hit 2155, and then started to pullback. By 12:30 the SPX had reached 2147, and then started to drift higher. In the last hour of trading the SPX hit 2152, then closed at 2151.

For the day the SPX/DOW gained 0.45%, and the NDX/NAZ gained 1.10%. Bonds lost 6 ticks, Crude slipped 25 cents, Gold dropped $3, and the USD was higher. Medium term support remains at the 2131 and 2116 pivots, with resistance at the 2177 and 2212 pivots. Tomorrow: Case-Shiller and FHFA housing at 9am, then consumer confidence at 10am.

The market gapped up at the open for the first time since last Tuesday. In fact, looking back from the SPX 2115 low, all three rallies (2149, 2148 and 2155) have included a gap up opening. At the open the market cleared the first two rally highs at 2149 and 2148. Then after a pullback to SPX 2147 this rally closed above both of the previous rally highs. Is the uptrend finally getting legs? We now have 5 small waves off the SPX 2115 low: 2149-2124-2148-2130-2155. Thinking this market needs to make new highs before anyone gets that excited. Short term support is at the 2131 and 2216 pivots, with resistance at the low-2150’s and mid-2160’s. Short term momentum hit quite overbought after Friday’s positive divergence, then ended at ovebought. Best to your trading!

MEDIUM TERM: downtrend may have bottomed

LONG TERM: uptrend

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

Filed under: Updates

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