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By Elliott Wave Lives On
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Thursday update

Thursday, November 10, 2016 14:50
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(Before It's News)

SHORT TERM: gap up then choppy day, DOW +218

Overnight the Asian markets gained 3.2%. Europe opened higher but lost 0.6%. US index futures were higher overnight, and at 8:30 weekly jobless claims were reported lower: 254K v 265K. The market gapped up at the open to SPX 2173, then rallied to 2182 in the opening minutes. The market had closed at SPX 2163 yesterday. The market then had its largest pullback since this rally began. At 10:30 the SPX hit 2151. After that the market became quite choppy. Just before 11am the SPX hit 2163, pulled back to 2152 at 11am, rallied to 2167 by 11:30, then dropped to 2158 by noon. A rally to SPX 2178 by 2pm followed. Also at 2pm the budget deficit was reported lower: -$44.2B v -$136.6B. Then the market pulled back to SPX 2167 to end the day.

For the day the SPX/DOW gained 0.65%, and the NDX/NAZ lost 1.20%. Bonds lost 21 ticks, Crude dropped 90 cents, Gold fell $17, and the USD was higher. Medium term support remains at the 2131 and 2116 pivots, with resistance at the 2177 and 2212 pivots. Tomorrow: consumer sentiment at 10am.

The market gapped up at the open today and rallied to SPX 2182. It then dropped to SPX 2151 by the first hour of trading. After that it remained in that wide range for the rest of the day. At today’s high, as noted yesterday, we could count five small waves up from SPX 2084-2182. The large pullback that followed suggests this count could be correct. The market has rallied 98 points in just four days. Also, while the tech sector was hit with selling today the SPX/DOW are both in confirmed uptrends. Short term support is at the 2131 and 2116 pivots, with resistance at the 2177 pivot and SPX 2194. Short term momentum ended the day just above neutral. Best to your trading!

MEDIUM TERM: uptrend

LONG TERM: uptrend

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

Filed under: Updates

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