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Friday update

Friday, February 17, 2017 15:20
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(Before It's News)

SHORT TERM: pullback then new high close, DOW +4

Overnight the Asian markets lost 0.1%. Europe opened lower and lost 0.1% as well. US index futures were lower overnight, and the market gapped down at the open to SPX 2340. The SPX had close at 2347 yesterday. Right after the open the market tried to rally. At 10am leading indicators were reported higher: 0.6% v 0.5%. The SPX bounced to 2344 by 10:30, retested 2340 by 11:30, and then tried to rally again. Heading into the close the SPX hit 2351 and closed there.

For the day the SPX/DOW gained 0.10%, and the NDX/NAZ gained 0.40%. Bonds gained 10 ticks, Crude was flat, Gold dipped $5, and the USD was higher. Medium term support remains at the 2336 and 2321 pivots, with resistance at the 2385 pivot. This week the Q1 GDP estimated was lowered: 2.4% v 2.7%. Today the WLEI was reported lower: 61.1% v 61.7%.

The market gapped down at the open today for the first time in about 3 weeks. The gap down took the SPX to 2340, one point above yesterday’s low. Then after a small bounce the SPX retested 2340. After that it rallied for the rest of this options expiration Friday. Not much has changed from yesterday’s report. SPX 2332 continues to be a key short term level. A break below, and a retest of the 2321 pivot is likely. A breakout above SPX 2351, and a rally to the 2385 pivot is likely. Short term support is at the 2336 and 2321 pivots, with resistance at SPX 2351 and the 2385 pivot. Short term momentum remained around neutral for most of the day, then ended overbought. Best to your 3-day weekend!

MEDIUM TERM: uptrend

LONG TERM: uptrend

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

Filed under: Updates



Source: https://caldaro.wordpress.com/2017/02/17/friday-update-535/

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