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By Elliott Wave Lives On
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Thursday update

Thursday, December 1, 2016 14:47
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(Before It's News)

SHORT TERM: flat open then mixed market, DOW +68

Overnight the Asian markets gained 0.4%. Europe opened lower and lost 0.6%. US index futures were lower overnight, and at 8:30 weekly jobless claims were reported higher: 268K v 251K. The market opened 2 points above yesterday’s SPX 2199 close, pulled back to 2196, then rallied to 2203 just past 10am. At 10am construction spending was reported higher: 0.5% v -0.4%, ISM manufacturing was reported higher: 53.2 v 51.6, and auto sales were reported higher. The market then pulled back to SPX 2193 by 11am, bounced to 2199 by 11:30, then hit 2187 at 3:30. Then a bounce to SPX 2191 ended the day.

For the day the SPX/DOW were mixed, and the NDX/NAZ lost 1.45%. Bonds dropped 17 ticks, Crude rallied $1.40, Gold slipped $2, and the USD was lower. Medium term support remains at the 2177 and 2131 pivots, with resistance at the 2212 and 2270 pivots. Tomorrow: monthly payrolls (est. 175K) at 8:30.

The market opened about flat today, bounced around, and then started to pullback. Yesterday’s action in the NDX/NAZ suggested the Minute wave ii we had been awaiting should be underway. Today’s drop to SPX 2187 suggests it is. Despite the pullback in the SPX/NDX/NAZ the DOW remained positive all day. Thought the rally in Crude was the driver, but it was actually the big banks rallying. Support for this Minute ii pullback should be the 2177 pivot range (2170-2184). When it bottoms the entire market is likely to rally in Minute iii. Short term support is at the 2177 and 2131 pivots, with resistance at the 2212 and 2270 pivots. Short term momentum ended the day quite oversold. Best to your trading!

MEDIUM TERM: uptrend

LONG TERM: uptrend

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

Filed under: Updates

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