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By Elliott Wave Lives On
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Tuesday update

Tuesday, November 22, 2016 14:31
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(Before It's News)

SHORT TERM: new highs again, DOW +67

Overnight the Asian markets gained 0.9%. Europe opened higher and gained 0.4%. US index futures were higher overnight, and the market opened 5 points above yesterday’s SPX 2198 record close. In the first few minutes the SPX hit 2204, and then started to pullback. At 10am existing home sales were reported higher: 5.60M v 5.47M. Around 11:30 the SPX hit 2195, and then started to work its way back up again. Heading into the close the SPX hit 2205, then dipped to close at 2203.

For the day the SPX/DOW gained 0.30%, and the NDX/NAZ gained 0.30%. Bonds gained 7 ticks, Crude dropped 40 cents, Gold slipped $1, and the USD was lower. Medium term support remains at the 2177 and 2131 pivots, with resistance at the 2212 and 2270 pivots. Tomorrow: an abundance of economic indicators, including the FOMC minutes at 2pm.

The market opened at all time highs today, nudged higher, pulled back a bit, and then made an even higher high. Thus far this week the market knocked off the SPX 2194 resistance level on Monday, then the 2200 resistance level today. Next resistance level is SPX 2209 and the 2212 pivot range. Our short term count from the SPX 2084 downtrend low is getting somewhat stretched. SPX 2209 should be the maximum level for it to still fit. If exceeded the count will need to be adjusted. Nevertheless, still counting this 121 point advance as wave one of the Minor wave 3 uptrend. Best to your trading!

MEDIUM TERM: uptrend

LONG TERM: uptrend

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

Filed under: Updates

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