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By Elliott Wave Lives On
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Friday update

Friday, November 11, 2016 14:55
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(Before It's News)

SHORT TERM: pullback continues, DOW +40

Overnight the Asian markets lost 1.3%. Europe opened higher but lost 0.6%. US index futures were lower overnight, and the market opened 5 points below yesterday’s SPX 2167 close. After a bounce in the opening minutes to SPX 2165 the market started to head towards yesterday’s lows. At 10am consumer sentiment was reported higher: 91.6 v 87.2. Around 11:30 the SPX hit 2152, and then started to rally. The rally lasted until 12:30 when the SPX hit 2165 again. Then after a pullback to SPX 2157 by 3pm, the market closed at 2164.

For the day the SPX/DOW were mixed, and the NDX/NAZ gained 0.30%. Bonds lost 13 ticks, Crude dropped $1.40, Gold tumbled $30, and the USD was higher. Medium term support remains at the 2131 and 2116 pivots, with resistance at the 2177 and 2212 pivots. Today the WLEI was reported lower: 56.7 v 57.3, the Q4 GDP estimate remained at 3.1%, and investor sentiment dropped from 55.4% to 54.7%.

The market opened lower today resuming the pullback from the rally high at SPX 2182 that began right after the open yesterday. Thus far the SPX has put in a double bottom at 2151/52, rallied to 2178, then pulled back to 2152 again today. If our short term count is correct, it does not appear like this pullback is over just yet. May need additional follow through on Monday. Overview in the weekend update. Best to your weekend!

MEDIUM TERM: uptrend

LONG TERM: uptrend

CHARTS: https://stockcharts.com/public/1269446/tenpp

Filed under: Updates

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