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By Elliott Wave Lives On
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Tuesday update

Tuesday, February 21, 2017 14:12
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SHORT TERM: new highs start week, DOW +119

Over the extended weekend Asian markets gained 0.2%. Europe opened higher today and gained 0.5%. US index futures were higher into this morning. The market opened 6 points above Friday’s SPX 2351 close, and continued to rally. Just past 10:30 the SPX hit 2366 and then began to pullback. By 11:30 the SPX hit 2358, and began to rally. Heading into the close the SPX hit 2367, then dipped to close at 2365.

For the day the SPX/DOW gained 0.60%, and the NDX/NAZ gained 0.50%. Bonds slipped 1 tick, Crude rose 60 cents, Gold added $1, and the USD was higher. Medium term support remains at the 2336 and 2321 pivots, with resistance at the 2385 and 2411 pivots. Tomorrow: existing home sales at 10am, then the FOMC minutes at 2pm.

The market opened at a new high today, rallied to SPX 2366 in the morning, pulled back 8 points, then hit 2367 in the afternoon. Quite a solid rally for all of the month of February. Only one short term oversold condition, and not one 20-point pullback. Friday’s short term negative divergence never developed as the market opened higher. The market did make another negative divergence at the SPX 2366 high, but the market only pulled back 8 points. Next stop the OEW 2385 pivot range, before a 20-point pullback? Over the weekend, a member of our group noted there has been near end of month weakness during the entire uptrend. February ends next Tuesday. Short term support remains at the 2336 and 2321 pivots, with resistance at the 2385 and 2411 pivots. Short term momentum continues to display negative divergences. Best to your trading!

MEDIUM TERM: uptrend

LONG TERM: uptrend


Filed under: Updates


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