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By Elliott Wave Lives On
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Thursday update

Thursday, October 6, 2016 13:23
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(Before It's News)

SHORT TERM: lower open then rebound, DOW -13

Overnight the Asian markets gained 0.3%. Europe opened lower and lost 0.3%. US index futures were lower overnight, and at 8:30 weekly jobless claims were reported lower: 249K v 254K. Also last night FED vice chair Fischer’s low interest rate speech was released: http://www.federalreserve.gov/newsevents/speech/fischer20161005a.htm. The market opened 3 points below yesterday’s SPX 2160 close, declined to 2150 just before 11am, and then started to rebound. By noon the market had recaptured the decline and turned positive at SPX 2163. Then went into a 4 point trading range for the rest of the day ending at SPX 2161.

For the day the SPX/DOW were mixed, and the NDX/NAZ lost 0.10%. Bonds lost 8 ticks, Crude rose 65 cents, Gold dropped $11, and the USD was higher. Medium term support remains at the 2131 and 2116 pivots, with resistance at the 2177 and 2212 pivots. Tomorrow: monthly Payrolls (est. +183K) at 8:30, wholesale inventories at 10am, then consumer credit at 3pm.

The market opened lower today, hit SPX 2150, then rebounded. The choppiness continues heading into tomorrow’s monthly payrolls report, with an eye on C-4 hurricane Matthew. Still believe the market needs to retest the 2116 pivot, or slightly lower, before it can start impulsing again. Short term support remains at SPX 2142 and the 2131 pivot, with resistance at SPX 2164 and the 2177 pivot. Short term momentum rose above neutral after hitting oversold this morning. Trade what’s in front of you!

MEDIUM TERM: choppiness continues

LONG TERM: uptrend

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

Filed under: Updates

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