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Monday update

Monday, February 13, 2017 14:47
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(Before It's News)

SHORT TERM: gap up opening, DOW +143

Overnight the Asian markets gained 0.4%. Europe opened higher and gained 0.8%. US index futures were higher overnight. The market gapped up at the open to SPX 2323, and continued to rise. The SPX had closed at 2316 on Friday. With 2-point pullbacks along the way the market rose to SPX 2332 by 1:30. Then a pullback into the close ended the day at SPX 2328.

For the day the SPX/DOW gained 0.60%, and the NDX/NAZ gained 0.55%. Bonds lost 6 ticks, Crude dropped 95 cents, Gold slid $8, and the USD was higher. Medium term support rises to the 2321 and 2286 pivots, with resistance at the 2336 and 2385 pivots. Tomorrow: the PPI at 8:30, then FED chair Yellen’s congressional economic testimony at 10am.

The market gapped up at the open today, jumping over the OEW 2321 pivot. It then cleared that pivot and rallied to within 4 points of the 2336 pivot. Considering Monday’s have been generally down days for the past five weeks, rallying right up to the 2336 pivot was an impressive beginning to the week. This rally, from Wednesday’s SPX 2285 low, looks quite impulsive. Should the market clear the 2336 this week, then the next pivot is not until 2385. Short term support is now at the 2321 and 2286 pivots, with resistance at the 2336 and 2385 pivots. Short term momentum remained quite overbought all day, and ended overbought. Best to your trading!

UNU SWARM: tomorrow Tuesday at 5PM eastern, please be prompt. For those interested in joining, that did not participate last week, please follow the instructions posted in this link: https://caldaro.wordpress.com/2017/02/05/swarm-intelligence/. thank you!

MEDIUM TERM: uptrend

LONG TERM: uptrend

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

Filed under: Updates



Source: https://caldaro.wordpress.com/2017/02/13/monday-update-536/

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