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By Elliott Wave Lives On
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Thursday update

Thursday, March 2, 2017 14:16
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SHORT TERM: lower open then pullback, DOW -114

Overnight the Asian markets gained 0.1%. Europe opened lower and finished mixed. US index futures were lower overnight. At 8:30 weekly jobless claims were reported lower: 223K v 244K – the lowest level since March, 1973. The 4-week moving average also hit its lowest level since 1973. The market opened 5 points below yesterday’s SPX 2396 record close, then continued down to 2384 by 11:30. After a bounce to SPX 2389 by 2:30 the market hit 2380 by 3:30. Then a slight bounce ended the day at SPX 2382.

For the day the SPX/DOW lost 0.55%, and the NDX/NAZ lost 0.60%. Bonds slid 7 ticks, Crude fell $1.15, Gold dropped $15, and the USD was higher. Medium term support drops to the 2336 and 2321 pivots, with resistance at the 2385 and 2411 pivots. Tomorrow: ISM services at 10am, then a speech from vice chair Fischer at 12:30, and a speech from FED chair Yellen at 1pm. FED speak.

The market opened lower today then dropped to 21 points from yesterday’s SPX 2401 record high. This decline represents the largest pullback since the 34-point decline at the end of January. Which so happens to be Nano wave ii. It is possible the 9 waves up from the SPX 2267 Nano ii low completed at SPX 2401, and Nano iv is currently underway. If not, it may just be wave 10 in a 13-wave Nano iii. Nothing technically conclusive either way yet. Short term support drops to SPX 2353 and the 2336 pivot, with resistance at the 2385 pivot and SPX 2401. Short term momentum declined from yesterday’s extreme overbought condition to oversold today. Best to your trading!

MEDIUM TERM: uptrend

LONG TERM: uptrend


Filed under: Updates


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