Profile image
By Elliott Wave Lives On
Contributor profile | More stories
Story Views

Last Hour:
Last 24 Hours:

Thursday update

Thursday, November 17, 2016 14:47
% of readers think this story is Fact. Add your two cents.

SHORT TERM: new uptrend high, DOW +36

Overnight Asian markets lost 0.2%. Europe opened lower but gained 0.5%. US index futures were higher overnight. At 8am FED chair Yellen’s congressional testimony was released: At 8:30 weekly jobless claims were reported lower: 235K v 254K, the CPI was reported higher: 0.4% v 0.3%, housing starts were reported higher: 1323K v 1047K, building permits were reported higher: 1229K v 1225K, and the Philly FED was reported lower: 7.6 v 9.7. The market opened unchanged at SPX 2177, then rallied to 2184 by 10am. After a pullback to SPX 2179 by 10:30 the market made a new uptrend high at 2188 by 12:30. Then the market went into a 5 point trading range and closed at 2187.

For the day the SPX/DOW gained 0.30%, and the NDX/NAZ gained 0.70%. Bonds lost 14 ticks, Crude slid 60 cents, Gold dropped $8, and the USD continued to rally. Medium term support remains at the 2177 and 2131 pivots, with resistance at the 2212 and 2270 pivots. Tomorrow is options expiration.

The market opened unchanged today, rallied to a new uptrend high, pulled back, then made a higher uptrend high. The short term wave pattern noted earlier this week has fit well over the past few days. We counted the first wave, Minute i, to have completed four waves up: 2147-2125-2182-2152, then the fifth wave has unfolded as follows: 2171-2156-2181-2172-2188 thus far. Project, monitor and adjust. This pattern suggests there is overhead resistance ahead at SPX 2194, SPX 2200 and SPX 2209. When this rally, Minute i, does end it should be followed by a fairly sharp pullback. Possibly back to the SPX 2150’s for Minute ii. Short term support is at the 2177 pivot and SPX 2152, with resistance noted above. Short term momentum is displaying a negative divergence on both the hourly and daily charts. Trade what is in front of you!

MEDIUM TERM: uptrend

LONG TERM: uptrend


Filed under: Updates


We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


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



Top Global


Top Alternative




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.