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By Elliott Wave Lives On
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Wednesday update

Wednesday, November 23, 2016 14:18
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SHORT TERM: early pullback then rebound, DOW +59

Overnight the Asian markets gained 0.1%. Europe opened higher but lost 0.3%. US index futures were lower overnight. At 8:30 durable goods were reported higher: +4.8% v -0.1%, weekly jobless claims were reported higher: 251K v 235K, and at 9am the FHFA index was reported higher: +0.6% v +0.7%. The market opened 7 points below yesterday’s SPX 2203 close, dipped to 2195 in the opening minutes, and then started to work its way higher. At 10am new home sales were reported lower: 563K v 593K, and consumer sentiment was reported higher: 93.8 v 91.6. At 2pm the FED released the FOMC minutes: Heading into the close the SPX hit the all time high at 2205, and closed there.

For the day the SPX/DOW gained 0.20%, and the NDX/NAZ lost 0.25%. Bonds lost 12 ticks, Crude slipped 5 cents. Gold dropped $23, and the USD was higher. Medium term support remains at the 2177 and 2131 pivots, with resistance at the 2212 and 2270 pivots. Tomorrow is the Thanksgiving holiday. Happy Thanksgiving!

The market opened lower today, hit SPX 2195, bounced, and then looked like it was headed even lower as the NDX was being sold. The DOW, however, remained unchanged to positive throughout the morning. Then it appeared the sellers gave up for the rest of the day. Complicated short term count for this first wave up of the uptrend. The hourly RSI has not hit oversold for 2.5 weeks. Amazing! Investors are so busy buying the dips, the market has not been oversold once since SPX 2085. US markets are closed tomorrow for the holiday, and will reopen on Friday for half a day. Many are taking an extended weekend. Happy Thanksgiving!

MEDIUM TERM: uptrend

LONG TERM: uptrend


Filed under: Updates


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