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By Elliott Wave Lives On
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Tuesday update

Tuesday, October 18, 2016 13:23
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(Before It's News)

SHORT TERM: gap up opening, DOW +76

Overnight the Asian markets gained 1.3%. Europe opened higher and gained 1.1%. US index futures were higher overnight on positive earnings reports, and at 8:30 the CPI was reported higher: 0.3% v 0.2%. The market gapped up at the open to SPX 2143, ticked up to 2144, then began to pullback. The market had closed at SPX 2127 yesterday. At 10am the NAHB was reported lower: 63 v 65. Around 10:30 the SPX hit 2135, then rallied back to 2144 by noon. After that it drifted lower to end the day at SPX 2140.

For the day the SPX/DOW gained 0.50%, and the NDX/NAZ gained 0.85%. Bonds gained 6 ticks, Crude rose 45 cents, Gold added $8, and the USD was higher. Medium term support rises to the 2131 and 2116 pivots, with resistance at the 2177 and 2212 pivots. Tomorrow: housing starts and building permits at 8:30, then the FED’s beige book at 2pm.

While Q3 earnings reports have been coming in positive, the recent positive major bank reports have been received with mixed results. After hours NFLX reported a strong Q3, ramped up 20%, and with that the missing catalyst we noted yesterday may have just arrived. The market gapped up at the open, hit SPX 2144, pulled back, and then rallied back to the highs before dipping some to end the day. As long as earnings continue to impress a new uptrend should be underway. Short term support rises to the 2131 and 2116 pivots, with resistance at the mid-2140’s and low-2150’s. Short term momentum hit overbought during today’s rally then ended the day at neutral. 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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