Visitors Now:
Total Visits:
Total Stories:
Profile image
By Elliott Wave Lives On
Contributor profile | More stories
Story Views

Last Hour:
Last 24 Hours:

Wednesday update

Wednesday, October 12, 2016 13:26
% of readers think this story is Fact. Add your two cents.

(Before It's News)

SHORT TERM: market rebounds, DOW +16

Overnight the Asian markets lost 0.5%. Europe opened lower and lost 0.5% too. US index futures were lower overnight, but the market opened 2 points above yesterday’s SPX 2137 close. After a dip to SPX 2133 in the opening minutes the market moved higher. At 2pm the FOMC minutes were released: Right after the release the SPX hit 2145. Then pulled back for the rest of the day to close at SPX 2139.

For the day the SPX/DOW gained 0.10%, and the NDX/NAZ lost 0.10%. Bonds slipped 1 tick, Crude dipped 55 cents, Gold added $2, and the USD was higher. Medium term support remains at the 2131 and 2116 pivots, with resistance at the 2177 and 2212 pivot. Tomorrow: weekly jobless claims and export/import prices at 8:30, then the treasury deficit at 2pm.

The market continued yesterday’s afternoon rebound today rising from SPX 2129 to SPX 2145 today. Then a small pullback ended the day at SPX 2139. Downtrend targets remain in place between SPX 2100+ and the 2116 pivot range, with two days left in the week. Short term support remains at the 2131 and 2116 pivots, with resistance at the 2177 pivot and SPX 2194. Short term momentum rebounded to above neutral from yesterday’s extreme oversold condition. Best to your trading!

MEDIUM TERM: choppy downtrend continues

LONG TERM: uptrend


Filed under: Updates

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



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.