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By Elliott Wave Lives On
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Wednesday update

Wednesday, February 22, 2017 14:12
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SHORT TERM: small pullback so far, DOW +33

Overnight the Asian markets gained 0.4%. Europe opened higher and gained 0.3%. US index futures were lower overnight, and the market opened 5 points below yesterday’s SPX 2365 close. In the opening minutes the market dropped to SPX 2358, then tried to rally. At 10am existing home sales were reported higher: 5.69M v 5.49M. Around 10:30 the market reached unchanged at SPX 2365, but then headed lower again. At 2pm the FED released: Right after 2pm the SPX hit 2360, then bounced to close at 2363.

For the day the SPX/DOW were mixed, and the NDX/NAZ were mixed. Bonds gained 3 ticks, Crude dropped 75 cents, Gold added $3, and the USD was lower. Medium term support remains at the 2336 and 2321 pivots, with resistance at the 2385 and 2411 pivots. Tomorrow: weekly jobless claims at 8:30, then the FHFA index at 9am.

The market opened lower today, rallied back to unchanged, but could not make any gains and ended the day with a small loss. Two small pullbacks after new highs this week SPX: 2366-2358, then 2367-2358. Short term momentum did manage to drop to neutral after yesterday’s negative divergence. But still no oversold condition. Today could be just another consolidation day after yesterday’s record highs. Short term support appears to be at SPX 2358 and the 2336 pivot, with resistance at SPX 2367 and the 2385 pivot. Best to your trading!

MEDIUM TERM: uptrend

LONG TERM: uptrend


Filed under: Updates


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