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

Last Hour:
Last 24 Hours:

Tuesday update

Tuesday, October 25, 2016 13:30
% of readers think this story is Fact. Add your two cents.

SHORT TERM: pullback Tuesday, DOW -54

Overnight the Asian markets gained 0.1%. Europe opened higher and gained 0.1%. US index futures were higher, then lower, overnight. At 9am Case-Shiller was reported higher: 5.1% v 5.0%, and the FHFA index was reported higher: 0.7% v 0.5%. The market opened 3 points lower than yesterday’s SPX 2151 close, dipped to 2146, then rallied to unchanged by 10am. At 10am consumer confidence was reported lower: 98.6 v 104.1. By 12:30 the market had pulled back to SPX 2142, and tried to rally. The rally fizzled out at SPX 2147 by 2pm, then the market drifted into a 2143 close.

For the day the SPX/DOW lost 0.35%, and the NDX/NAZ lost 0.45%. Bonds lost 1 tick, Crude dropped 70 cents, Gold gained $9, and the USD was lower. Medium term support remains at the 2131 and 2216 pivots, with resistance at the 2177 and 2212 pivots. Tomorrow: new home sales at 10am.

The market opened lower today, bounced to unchanged, and then headed even lower. We now observe another series of 5 overlapping waves, this time from the SPX 2115 low: 2149-2124-2148-2130-2155-2142. Still awaiting that elusive third wave. Quite an odd market with the NDX/NAZ near/at all time highs, and the SPX/DOW remaining in a 4% range below their all time highs. Growth is being bought, but the cyclicals are not. Short term support is at the 2131 and 2116 pivots, with resistance at the mid-2140’s and the low-2150’s. Short term momentum declined to oversold from yesterday’s quite overbought condition. Trade what’s in front of you!

MEDIUM TERM: downtrend may have bottomed

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.