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By Elliott Wave Lives On
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Wednesday update

Wednesday, October 5, 2016 13:38
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(Before It's News)

SHORT TERM: gap up opening, DOW +113

Overnight the Asia markets gained 0.2%. Europe opened lower and lost 0.4%. US index futures were higher overnight. At 8:15 the ADP was reported lower: 154K v 177K, and at 8:30 the trade deficit was reported larger: -$40.7B v -$39.5B. The market gapped up at the open to SPX 2158, then hit 2162 just before 10am. The market had closed at SPX 2150 yesterday. At 10am factory orders were reported higher: +0.2% v +1.9%, and ISM services was reported higher: 57.1 v 51.4. After a pullback to SPX 2157 just before 11am the market turned higher. At 3pm the SPX hit 2164, then dipped to close at 2160.

For the day the SPX/DOW gained 0.50%, and the NDX/NAZ gained 0.45%. Bonds lost 9 ticks, Crude rallied $1.05, Gold slipped $1, and the USD was higher. Medium term support remains at the 2131 and 2116 pivots, with resistance at the 2177 and 2212 pivots. Tomorrow: weekly jobless claims at 8:30.

The market gapped up at the open today, rallied to SPX 2164 by 3pm, then pulled back in the last hour. This looks somewhat similar to Friday’s gap up opening action. The market declined for two days into Tuesday’s low afterwards. Still observing an obvious choppy pattern since the SPX 2119 low. Looks like the market needs to reset back to that level, or a bit lower, before it can start impulsing again. Short term support remains at SPX 2142 and the 2131 pivot, with resistance at the 2177 pivot and SPX 2194. Short term momentum nearly hit overbought during today’s rally and ended at neutral. 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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