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By Elliott Wave Lives On
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Tuesday update

Tuesday, October 11, 2016 13:18
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(Before It's News)

SHORT TERM: pullback continues. DOW -200

Overnight the Asian markets lost 0.1%. Europe opened higher but lost 0.5%. US index futures were lower overnight, and the market opened 5 points below yesterday’s SPX 2164 close. Right after the open the market continued to decline until it hit SPX 2139 at 11:30. Then after a bounce to SPX 2146 by 12:30 the market headed even lower. Around 2:30 the SPX hit 2129, then bounced into a 2137 close.

For the day the SPX/DOW lost 1.15%, and the NDX/NAZ lost 1.50%. Bonds gained 1 tick, Crude slipped 55 cents, Gold slid $6, and the USD was higher. Medium term support remains at the 2131 and 2116 pivots, with resistance at the 2177 and 2212 pivots. Tomorrow: the FOMC minutes at 2pm.

After hitting SPX 2170 right after yesterday’s open the market started to pullback. The market then opened lower today and resumed that pullback. At the low of the day the SPX hit 2129, right within the 2131 pivot range. With yesterday’s rally to SPX 2170 we adjusted our very short term support levels 4 points higher to SPX 2108 and SPX 2120. Both are just about within the OEW 2116 pivot range. We continue to look for support, to end this downtrend, between SPX 2100+ and the 2116 pivot range. Possibly with some positive divergences. Also, a 55 point decline from Monday’s ES 2163.50 high is about SPX 2116 cash. Short term support drops to the 2131 and 2116 pivots, with resistance at the 2177 pivot and SPX 2194. Short term momentum was extremely oversold at the low. Trade what’s in front of you!

MEDIUM TERM: choppy downtrend continues

LONG TERM: uptrend

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

Filed under: Updates

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