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By Elliott Wave Lives On
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Friday update

Friday, November 18, 2016 14:26
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(Before It's News)

SHORT TERM: quiet pullback day, DOW -36

Overnight the Asian markets gained 0.3%. Europe opened higher but lost 0.3%. US index futures were lower overnight, but the market opened up one point from yesterday’s SPX 2187 close. In the opening minutes the SPX moved up to 2190, and then began to pullback. The pullback lasted until 11am when the SPX hit 2180. Then the market went into a 5 point trading range for the rest of the day, and ended the week at SPX 2182.

For the day the SPX/DOW lost 0.20%, and the NDX/NAZ lost 0.30%. Bonds dropped 19 ticks, Crude rose 35 cents, Gold slid $10, and the USD continued its rally. Medium term support remains at the 2177 and 2131 pivots, with resistance at the 2212 and 2270 pivots. This week Q4 GDP was raised to 3.6% v 3.1%, and the WLEI was reported at 56.2% v 56.6%.

The market opened a bit higher today, made a new uptrend high at SPX 2190, then started to pullback. The short term negative divergence kicked in as the RSI dropped below neutral. Now if the negative divergence on the daily RSI kicks in, the market could experience its largest pullback of the uptrend. The largest pullback thus far is 30 points. Some interesting tidbits ahead in the weekend update. Enjoy your weekend!

MEDIUM TERM: uptrend

LONG TERM: uptrend

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

Filed under: Updates

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