Profile image
By Elliott Wave Lives On
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Friday update

Friday, February 24, 2017 14:18
% of readers think this story is Fact. Add your two cents.

(Before It's News)

SHORT TERM: gap down opening then rebound, DOW +11

Overnight the Asian markets lost 0.4%. Europe opened lower and lost 0.8%. US index futures were lower overnight and the market gapped down to SPX 2353 at the open. The SPX had closed at 2364 yesterday. Right after the open the market started to rebound. At 10am consumer sentiment was reported higher: 96.3 v 95.7, and new home sales were reported higher: 555K v 536K. The market continued to move higher throughout the day, turning positive in the last hour and closing at SPX 2367.

For the day the SPX/DOW gained 0.10%, and the NDX/NAZ gained 0.20%. Bonds gained 17 ticks, Crude slid 40 cents, Gold rose $8, and the USD was higher. Medium term support remains at the 2336 and 2321 pivots, with resistance at the 2385 and 2411 pivots. Today the WLEI was reported lower: 60.5% v 61.1%, and the Q1 GDP estimate was reported unchanged at 2.4%.

The market gapped down at the open for the second Friday in a row. Last week the market hit its low in the first few minutes, then rallied to close the gap and end at the high of the day. Today the market also made its low in the opening minutes, rallied, and also made its high at the end of the day. While the market did pullback 15 points from yesterday’s SPX 2368 high it still did not register an RSI oversold condition today. Relentless uptrend. Best to your weekend, weekend update tomorrow am.

MEDIUM TERM: uptrend

LONG TERM: uptrend

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

Filed under: Updates



Source: https://caldaro.wordpress.com/2017/02/24/friday-update-536/

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.