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Tuesday update

Tuesday, February 14, 2017 16:25
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(Before It's News)

SHORT TERM: lower open then new highs, DOW +92

Overnight the Asian markets lost 0.4%. Europe opened lower and finished mixed. US index futures were flat to lower overnight, and at 8:30 the PPI was reported higher: 0.6% v 0.3%. The market opened 3 points below yesterday’s SPX 2328 close, ticked up to 2328, then declined to 2322 just before 11am. At 10am FED chair Yellen’s testimony was released: https://www.federalreserve.gov/newsevents/testimony/yellen20170214a.htm. The market then started to rally. Just past 2pm the SPX hit 2336.88, nearly clearing the 2336 Primary B wave limit. Then after a pullback to SPX 2333 by 3pm, the SPX closed at 2338.

For the day the SPX/DOW gained 0.40%, and the NDX/NAZ gained 0.30%. Bonds lost 12 ticks, Crude rose 10 cents, Gold added $2, and the USD was higher. Medium term support rises to the 2336 and 2321 pivots, with resistance at the 2385 pivot. Tomorrow: the CPI, NY FED, and retail sales at 8:30; then industrial production at 9:15; then business inventories and the NAHB at 10am.

The market opened slightly lower today, declined to SPX 2322, and then resumed the rally. Just past 2pm the SPX hit 2336.88, nearly clearing the 2336 Primary B wave limit. The DOW had already cleared its B wave limit, and now the SPX has done the same at the close. The last potential bearish count can now be discarded. Short term support is at the 2336 and 2321 pivots, with resistance at the 2385 pivots. Short term momentum is displaying a potential negative divergence at the close. Best to your trading!

MEDIUM TERM: uptrend

LONG TERM: uptrend

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

Filed under: Updates



Source: https://caldaro.wordpress.com/2017/02/14/tuesday-update-581/

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