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Tuesday update

Tuesday, March 7, 2017 14:10
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(Before It's News)

SHORT TERM: pullback continues, DOW -30

Overnight the Asian markets finished mixed. Europe opened higher but lost 0.2%. US index futures were lower overnight, and at 8:30 the trade deficit was reported higher: -$48.5B v -$44.3B. The market opened 5 points below yesterday’s SPX 2375 close, moved down to 2367, and then tried to rally. Around 10:30 the SPX hit 2375. After that the market worked its way lower again. At 3pm consumer credit was reported lower: $8.8B v $14.2B. In the last hour of trading the SPX hit 2366, then bounced to close at 2368.

For the day the SPX/DOW lost 0.20%, and the NDX/NAZ lost 0.20%. Bonds slipped 6 ticks, Crude dipped 10 cents, Gold dropped $10, and the USD was higher. Medium term support remains at the 2336 and 2321 pivots, with resistance at the 2385 and 2411 pivots. Tomorrow: the ADP at 8:15 and wholesale inventories at 10am.

The market opened lower today for the fourth day in a row. In the opening minutes the SPX made a new pullback low at 2367, then tried to rally. The pullback from last Wednesday’s all-time high at SPX 2401 was then 34-points, which was exactly equal to the Nano ii pullback in late January. After 9 small waves up from the Nano ii low at SPX 2267 to SPX 2401, this pullback certainly looks like a Nano wave iv. Expecting this pullback to bottom quite soon, and a rising Nano v to be underway. Short term support is at SPX 2353 and the 2336 pivot, with resistance at the 2385 pivot and SPX 2401. Short term momentum ended the day with a positive divergence. Best to your trading! Today’s Swarm information is below.

MEDIUM TERM: uptrend

LONG TERM: uptrend

CHARTS: https://stockcharts.com/public/1269446/tenpp

SWARM: our weekly meeting is again today at 5pm eastern. This week’s survey https://www.research.net/r/JT838LP, please complete before entering the swarm. To enter the private swarm use this link: https://go.unu.ai/unums/2382. If you are new and would like to join us follow the directions using this link: https://caldaro.wordpress.com/2017/02/05/swarm-intelligence/.

Filed under: Updates



Source: https://caldaro.wordpress.com/2017/03/07/tuesday-update-584/

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