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Monday update

Monday, November 21, 2016 14:48
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(Before It's News)

SHORT TERM: SPX makes all time high, DOW +89

Overnight the Asian markets lost 0.3%. Europe opened higher and gained 0.3%. US index futures were higher overnight, and the market gapped up to SPX 2191 at the open. The market had closed at SPX 2182 on Friday. In the opening minutes the SPX hit the all time high at 2194, then pulled back to 2188 by 10:30. After that the SPX made a new all time high at 2198 around 1pm. Then inched higher yet to SPX 2199 before closing at 2198.

For the day the SPX/DOW gained 0.60%, and the NDX/NAZ gained 0.95%. Bonds gained 3 ticks, Crude rallied $2.05, Gold added $4, and the USD was lower. Medium term support remains at the 2177 and 2131 pivots, with resistance at the 2212 and 2270 pivots. Tomorrow: existing home sales at 10am.

The SPX gapped up at the open today to start the week. Hit the all time high at SPX 2194, pulled back, then made a new all time high. We now have three of the four major US indices at new all time highs, with only the NDX currently lagging. The first rally of this uptrend, which still appears to be in its 5th wave, cleared the first resistance at SPX 2194 today. Next resistance is the SPX 2200 level, and then the 2212 pivot. Still negative divergences on the daily SPX/DOW charts, and slight negative divergences on their hourly charts too. Currently this first wave up has rallied 115 points from the SPX 2084 downtrend low. This compares quite favorably with the first rallies of the previous two uptrends: 137 and 117 points. Best to your holiday trading!

MEDIUM TERM: uptrend

LONG TERM: uptrend

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

Filed under: Updates

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