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By Elliott Wave Lives On
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Monday update

Monday, November 28, 2016 14:47
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(Before It's News)

SHORT TERM: lower open pullback, DOW -54

Overnight the Asian market gained 0.2%. Europe opened lower and lost 0.9%. US index futures were lower overnight, and the market opened 5 points below Friday’s SPX 2213 record close. After a bump up to SPX 2211 by 10:30, the SPX pulled back to 2203 by 11am. Another bounce took the SPX to 2210 by 12:30, and then the SPX hit 2200 just before a 2202 close.

For the day the SPX/DOW lost 0.40%, and the NDX/NAZ lost 0.40%. Bonds rose 16 ticks, Crude gained 85 cents, Gold rallied $12, and the USD was lower. Medium term support drops to the 2177 and 2131 pivots, with resistance at the 2212 and 2270 pivots. Tomorrow: Q3 GDP (est. 2.9%) at 8:30, Case-Shiller at 9am and consumer confidence at 10am.

The market opened lower today, bounced within two points of the all time high, then moved lower again. While today’s pullback was only 13 points from the uptrend high, the market did something today it had not done since the uptrend began. It made a lower daily low than the day before: SPX 2200 v SPX 2208. With an extremely short term overbought on Friday, and a record close right at the 2212 pivot range, it might be time for the wave 2 pullback. Defensive utilities and telecom displayed strength today while the leaders pulled back. And, the R2K fifteen day win streak was broken. The uptrend started at 2085 pivot why not end the first wave up at the 2212 pivot? Short term support is at the 2177 and 2131 pivots, with resistance at the 2212 and 2270 pivots. Short term momentum dropped hit oversold for the first time in 3 weeks. Best to your trading!

MEDIUM TERM: uptrend

LONG TERM: uptrend

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

Filed under: Updates

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