Online:
Visits:
Stories:
Profile image
By Elliott Wave Lives On
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Friday update

Friday, February 10, 2017 14:33
% of readers think this story is Fact. Add your two cents.

(Before It's News)

SHORT TERM: rally continues, DOW +97

Overnight the Asian markets gained 1.0%. Europe opened higher and gained 0.2%. US index futures were higher overnight, and at 8:30 export (0.1% v 0.4%)/import (-0.2% v -0.2%) prices were reported mixed. The market opened 5 points above yesterday’s SPX 2308 record close, bounced around a bit, then started to move higher. At 10am consumer sentiment was reported lower: 95.7 v 98.5. Just before 2pm the SPX hit 2319. At 2pm the government reported a budget surplus: $51.3B v $55.2B. Then a small pullback heading into the close ended the week at SPX 2316.

For the day the SPX/DOW gained 0.40%, and the NDX/NAZ gained 0.30%. Bonds lost 4 ticks, Crude rose 80 cents, Gold added $3, and the USD was higher. Medium term support remains at the 2286 and 2270 pivots, with resistance at the 2321 and 2336 pivots. Today the WLEI was reported unchanged at 61.8%, and the Q1 GDP estimate ended the week at 2.7% v 3.4% last week.

The market opened higher today, hardly pulled back at all – avoiding to trigger yesterday’s negative divergence, and then started moving higher. By 10:30 the SPX entered the OEW 2321 pivot range, dipped, and then rose to SPX 2319. Within 2 points of the OEW 2321 pivot. So far the rally looks good, having advanced above SPX 2305 to 2319 with nothing more than a 4 point pullback. Short term support remains at the 2286 and 2270 pivots, with resistance at the 2321 and 2336 pivots. Short term momentum ended the week with another negative divergence. Best to your weekend!

MEDIUM TERM: uptrend

LONG TERM: uptrend

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

Filed under: Updates



Source: https://caldaro.wordpress.com/2017/02/10/friday-update-534/

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
 

Featured

 

Top Global

 

Top Alternative

 

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.