Visitors Now:
Total Visits:
Total Stories:
Profile image
By Elliott Wave Lives On
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Tuesday update

Tuesday, November 8, 2016 14:18
% of readers think this story is Fact. Add your two cents.

(Before It's News)

SHORT TERM: rally continues, DOW in an uptrend +73

Overnight the Asian markets gained 0.4%. Europe opened higher and gained 0.5%. US index futures were flat to lower overnight, and the market opened at SPX 2126. The SPX had closed at 2132 yesterday. In the opening minutes the SPX dipped to 2124, and then started to rally. The rally continued until around 1pm when the SPX hit 2147. Then the market started to pullback. The market pulled back to SPX 2135 by 2:30. Then after a rally to SPX 2144 in the closing hour the market closed at 2140.

For the day the SPX/DOW gained 0.40%, and the NDX/NAZ gained 0.60%. Bonds lost 13 ticks, Crude slipped 20 cents, Gold slid $5, and the USD was higher. Medium term support remains at the 2131 and 2116 pivots, with resistance at the 2177 and 2212 pivots. Tomorrow: wholesale inventories at 10am.

The market opened lower today, found support at SPX 2124, which was yesterday’s 3:30 low, then advanced to a new rally high at 2147. At the high there was a short term negative divergence and the market declined to SPX 2135. At this stage of the advance one could count five small waves up from Friday’s SPX 2084 low: 2099-2085-2132-2124-2147. After more than two months of choppy activity, there is nothing choppy about this rally. Short term support at the 2131 and 2116 pivots, with resistance at the 2177 pivot and SPX 2194. Short term momentum dropped below overbought after the negative divergence, and ended the day there. Election results up ahead. Trade what’s in front of you!

MEDIUM TERM: DOW uptrending, SPX likely to follow

LONG TERM: uptrend

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

Filed under: Updates

Report abuse

Comments

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

Register

Newsletter

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.