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By Elliott Wave Lives On
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Tuesday update

Tuesday, October 4, 2016 13:18
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SHORT TERM: pullback continues, DOW -85

Overnight the Asian markets gained 0.5%. Europe opened higher and gained 1.1%. US index futures were higher overnight, and the market opened 4 points above yesterday’s SPX 2161 close. That was the high of the day as the market started to pullback. Just after 10am the SPX hit 2156. Then after a rally to SPX 2164 just before 11am, the market declined to 2153 just after 11am. Another rally followed to SPX 2163 by 11:30, then the market declined to 2144 by 3pm. An attempted rally into the close ended the day at SPX 2150.

For the day the SPX/DOW lost 0.50%, and the NDX/NAZ lost 0.20%. Bonds lost 16 ticks, Crude slipped 20 cents, Gold dropped $43, and the USD was higher. Medium term support remains at the 2131 and 2116 pivots, with resistance at the 2177 and 2212 pivots. Tomorrow: ADP at 8:15, the trade deficit at 8:30, then factory orders and ISM services at 10am.

The market opened higher today but immediately reversed and headed lower despite the rallies in Asia and Europe. During the afternoon the SPX dropped down into the 2142/2145 zone, held support, was quite oversold, and started another rally. Too choppy to tell if this rally can reach SPX 2175/2180 again, or just fade and head even lower. The market has remained choppy, with an upside bias, for about three weeks now. 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 below neutral. Trade what’s in front of you!

MEDIUM TERM: choppy downtrend activity continues

LONG TERM: uptrend


Filed under: Updates


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