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

Now:
Last Hour:
Last 24 Hours:
Total:

Monday update

Monday, November 7, 2016 15:27
% of readers think this story is Fact. Add your two cents.

(Before It's News)

SHORT TERM: gap up and go Monday, DOW +371

On Sunday afternoon the FBI announced they had dropped the entire Clinton-probe, after reviewing the new emails. SPX futures rallied when they started trading last night. Asian markets gained 1.0%. Europe opened higher and gained 1.8%. US index futures soared overnight, and the SPX gapped up to 2112 at the open. The market had closed at SPX 2085 on Friday. By noon the SPX had reached 2129, with small 2-3 point pullbacks along the way. After that the market went sideways within a 2 point range until about 2:30. At 3pm consumer credit was reported lower: $19.3B v $25.9B. Then after a dip to SPX 2124 by 3:30, the market rallied to close at 2132 the high of the day.

For the day the SPX/DOW gained 2.15%, and the NDX/NAZ gained 2.40%. Bonds lost 13 ticks, Crude gained 90 cents, Gold dropped $23, and the USD was higher. Medium term support rises to the 2131 and 2116 pivots, with resistance at the 2177 and 2212 pivots. Tomorrow is Election day.

A week and a half ago the FBI announced they had reopened the Clinton-probe when the SPX was at 2141. After nearly 6 days of trading the market had dropped to SPX 2084 on Friday. Futures rallied overnight after the FBI announced they had closed the probe again. At Monday’s high, SPX 2132, the market had retraced all of last week’s SPX 2126-2085 decline. Short covering, hedges being removed, and some buying too? The two previous impulse uptrends started off in a similar fashion: a strong rally, with strong breadth, and very small pullbacks along the way. With Election day tomorrow, and election results likely that night or the next morning, short covering could turn into outright buying to keep this rally going. Thus far the market has gapped over SPX 2100, rallied through the 2116 pivot, then ran into resistance at the 2131 pivot. Certainly an interesting way to start the week. Short term support is at the 2131  and 2116 pivots, with resistance at the 2177 pivot and SPX 2194. Short term momentum was quite overbought at today’s high, then backed off a bit. Trade what’s in front of you!

MEDIUM TERM: downtrend may have bottomed

LONG TERM: uptrend

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

Filed under: Updates

Report abuse

Comments

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

Register

Newsletter

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.