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By Elliott Wave Lives On
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Tuesday update

Tuesday, November 8, 2016 14:18
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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


Filed under: Updates


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