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:

Wednesday update

Wednesday, November 16, 2016 14:24
% of readers think this story is Fact. Add your two cents.

(Before It's News)

SHORT TERM: consolidation day, DOW -55

Overnight the Asian markets gained 0.3%. Europe opened lower and lost 0.7%. US index futures were lower overnight. At 8:30 the PPI was reported unchanged, then at 9:15 industrial production was also reported unchanged and capacity utilization was reported lower: 75.3% v 75.4%. The market opened 6 points below yesterday’s SPX 2180 close, dipped to 2173 by 10am, then bounced to 2179 by 10:30. At 10am the NAHB was reported unchanged at 63. The market then drifted lower until about 1:30 when the SPX hit 2172. After hitting that low it drifted higher into a SPX 2177 close.

For the day the SPX/DOW lost 0.20%, and the NDX/NAZ gained 0.45%. Bonds added 3 ticks, Crude slipped 35 cents, Gold slid $3, and the USD was higher. Medium term support remains at the 2177 and 2131 pivots, with resistance at the 2212 and 2270 pivots. Tomorrow: weekly jobless claims, the CPI, housing starts, building permits and the Philly FED all at 8:30. At 10am FED chair Yellen gives the economic outlook report to congress.

The market opened lower today, went into a small seven point trading range, in what looks like a consolidation day after yesterday’s rally. With the FED chair reporting tomorrow and options expiration Thursday/Friday, traders appeared to be on hold today. Technically, if we count four waves up from SPX 2084/2085: 2147-2125-2182-2151/2152, we could count another four smaller waves up now: 2171-2156-2181-2172. This suggests the next rally, should 2172 hold, could top off the first wave up of this uptrend. This uptrend continues to impulse higher. Short term support is at the 2177 pivot and SPX 2151, with resistance at SPX 2194 and the 2212 pivot. Short term momentum dropped to about neutral during today’s pullback. Best to your trading!

MEDIUM TERM: uptrend

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.