Profile image
By Elliott Wave Lives On
Contributor profile | More stories
Story Views

Last Hour:
Last 24 Hours:

Thursday update

Thursday, October 6, 2016 13:23
% of readers think this story is Fact. Add your two cents.

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: 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


Filed under: Updates


We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Top Global

Top Alternative




Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.