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Wednesday update

Wednesday, October 12, 2016 13:26
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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


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