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By Elliott Wave Lives On
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Monday update

Monday, November 14, 2016 14:48
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(Before It's News)

SHORT TERM: another consolidation day, DOW +21

Overnight the Asian markets gained 0.1%. Europe opened higher and gained 0.4%. US index futures were higher overnight, and the market opened at SPX 2169 – five points above Friday’s close. Right after the open the market pulled back to unchanged by 10am, then rallied to 2171 just past 10am. Then the SPX dropped to 2156 by 12:30. After that the SPX worked its way up to 2167 by 3:30, before settling about unchanged at 2164.

For the day the SPX/DOW were mixed, and the NDX/NAZ lost 0.70% – the rotation continues. Bonds lost 20 ticks, Crude added 35 cents, Gold dropped $10, and the USD was higher. Medium tem support remains at the 2131 and 2116 pivots, with resistance at the 2177 and 2212 pivots. Tomorrow: retail sales, export/import prices and the NY FED at 8:30, then business inventories at 10am.

The market opened higher today, the DOW/R2K made new all time highs, and hit SPX 2171. Then after a pullback to SPX 2156 in early afternoon, the market remained in that trading range for the rest of the day. Since Thursday’s SPX 2182 uptrend high the market has been in a 2151-2178 trading range. This range appears to have occurred because of the rotation out of growth stocks into cyclical stocks. When this concludes, which may require a final washout in tech, the uptrend will likely resume. The SPX 2182 is being counted as Minute wave i of this Minor 3 uptrend, with Minute ii currently underway. Short term support is at SPX 2151 and the 2131 pivot, with resistance at the 2177 pivot and SPX 2194. Short term momentum continues to go sideways and has yet to get oversold. Best to your trading!

MEDIUM TERM: uptrend

LONG TERM: uptrend

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

Filed under: Updates

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