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By Elliott Wave Lives On
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Friday update

Friday, March 17, 2017 13:17
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SHORT TERM: indecisive options expiration, DOW -20

Overnight the Asian markets were mixed. Europe opened lower but gained 0.2%. US index futures were higher overnight. At 9:15 industrial production was reported unchanged, and capacity utilization was reported higher: 75.4 v 75.3. The market opened 3 points above yesterday’s SPX 2381 close, then started to pullback. At 10am leading indicators were reported higher: 0.6% v 0.6%, and consumer sentiment was reported higher: 97.6 v 96.3. The pullback hit familiar territory at SPX 2378 by 11:30, and then started to rally. The rally topped at SPX 2386 just past 2pm. Then the market pulled back into the close ending the week at SPX 2378.

For the day the SPX/DOW lost 0.10%, and the NDX/NAZ ended mixed. Bonds gained 5 ticks, Crude was flat, Gold rose $3, and the USD was lower again. Medium term support remains at the 2336 and 2321 pivots, with resistance at the 2385 and 2411 pivots. Today the WLEI was reported higher: 59.6 v 59.5, and this week the Q1 GDP estimate was lowered to 0.9% v 1.8%.

The market opened a few points higher today, pulled back, then made a higher high at SPX 2386 just past 2pm. After that it pulled back into the close, ending a trendless option expiration Thursday/Friday. Short term, not much has happened since Wednesday’s SPX 2390 high and the small pullback over the past two days. Still waiting for this rally to make new highs in the SPX/DOW, which has already occurred in the NDX/NAZ. Weekend update up tomorrow. Enjoy the weekend!

MEDIUM TERM: uptrend

LONG TERM: uptrend


Filed under: Updates


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