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By Elliott Wave Lives On
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Friday update

Friday, January 13, 2017 14:26
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SHORT TERM: higher open rally stalls, DOW -5

Overnight the Asian markets gained 0.4%. Europe opened higher and gained 0.9%. US index futures were higher overnight. At 8:30 the PPI was reported higher: 0.3% v 0.4%, and retail sales were reported higher: 0.6% v 0.1%. The market opened 5 points above yesterday’s SPX 2270 close, then rose to 2279 in the opening minutes. At 10am business inventories were reported higher: 0.7% v -0.2%, and consumer sentiment was reported lower: 98.1 v 98.2. The market then started to pullback. Around 2:30 the SPX hit 2272, then bounced to close at 2275.

For the day the SPX/DOW were mixed, and the NDX/NAZ gained 0.40%. Bonds lost 7 ticks, Crude slid 50 cents, Gold rose $3, and the USD was lower. Medium term support is at the 2270 and 2212 pivots, with resistance at the 2286 and 2321 pivots. Today the WLEI was reported higher: 62.2 v 62.0, and the Q4 GDP estimate was lowered: 2.8% v 2.9%.

The market opened higher today, rallied to SPX 2279 in the opening minutes, then drifted lower for the rest of the day. Another Monday holiday ahead, third one in 4 weeks, probably the cause for the drifting. Today’s high, however, did reach Tuesday’s SPX 2279 high, suggesting yesterday’s SPX 2254 low could have ended a small wave decline from SPX 2282. Overall the market pattern still looks choppy, and the weekend update will cover two possible scenarios. Best to your three-day weekend!

MEDIUM TERM: uptrend

LONG TERM: uptrend


Filed under: Updates


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