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By Elliott Wave Lives On
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Tuesday update

Tuesday, November 29, 2016 14:26
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SHORT TERM: flat opening then rally, DOW +24

Overnight the Asian markets lost 0.2%. Europe opened lower but gained 0.3%. US index futures were higher overnight. At 8:30 Q3 GDP was reported higher: 3.2% v 2.9%, and at 9am Case-Shiller was reported unchanged at 5.1%. The market opened 1 point below yesterday’s SPX 2202 close, bounced to 2204, then dipped to 2198 all in the first few minutes of trading. Then the market started to rally. At 10am consumer confidence was reported higher: 107.1 v 98.6. The rally continued until 2:30 when the SPX hit 2210. Then a pullback into the close ended the day at SPX 2205.

For the day the SPX/DOW gained 0.10%, and the NDX/NAZ gained 0.25%. Bonds gained 3 ticks, Crude dropped $1.85, Gold slid $5, and the USD was lower. Medium term support remains at the 2177 and 2131 pivots, with resistance at the 2212 and 2270 pivots. Tomorrow: the ADP at 8:15, personal income/spending and the PCE at 8:30, the Chicago PMI at 9:45, pending home sale at 10am, then the FED’s beige book at 2pm.

The market opened flat today, pulled back to SPX 2198, then moved higher for the rest of the day. The pullback, thus far, is only 15 points from the uptrend high at SPX 2213. If the market rallies to new highs the pullback will have been just another small retracement, in a series of small retracements, since this uptrend began. Thus far, as you have probably observed, this uptrend has been quite resilient. Short term support remains at the 2177 and 2131 pivots, with resistance at the 2212 and 2270 pivots. Short term momentum rebounded to around neutral after getting oversold. Best to your trading!

MEDIUM TERM: uptrend

LONG TERM: uptrend


Filed under: Updates


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