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By Elliott Wave Lives On
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Monday update

Monday, March 20, 2017 13:47
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SHORT TERM: lower open pullback continues, DOW -9

Overnight the Asian markets gained 0.1%. Europe opened lower and lost 0.2%. US index futures were lower overnight and the market opened 3 points below Friday’s SPX 2378 close. In the opening minutes the market ticked down to SPX 2374, then rallied to 2380 by 10:30. After that the pullback resumed. Around 3pm the SPX hit 2370, then bounced to close at 2373.

For the day the SPX/DOW lost 0.05%, and the NDX/NAZ gained 0.05%. Bonds gained 10 ticks, Crude dropped 35 cents, Gold rose $6, and the USD was higher. Medium term support remains at the 2336 and 2321 pivots, with resistance at the 2385 and 2411 pivots.

The market opened lower today, bounced to turn positive in the first hour of trading, then resumed the pullback that started last Wednesday from SPX 2390. From the SPX 2355 Nano wave iv low on March 9th, we now have a choppy advance: 2377-2355-2390-2370 so far. Normally this would suggest Nano iv is still underway. However, when reviewing the SPX hourly chart this type of pattern is exactly how Nano wave iii began. With that in mind we maintain the count as is, and await further short term market activity. Short term support is at SPX 2353/55/58 and the 2336 pivot, with resistance at the 2385 pivot and SPX 2401. Short term momentum hit oversold at the low, and ended the dya just above it. Best to your trading!

MEDIUM TERM: uptrend

LONG TERM: uptrend


Filed under: Updates


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