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Wednesday update

Wednesday, March 1, 2017 14:16
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SHORT TERM: gap up and go opening, DOW +303

Overnight the Asian markets gained 0.8%. Europe opened higher and gained 1.9%. US index futures were much higher overnight. At 8:30 personal income (0.4% v 0.3%) / spending (0.2% v 0.5%) were reported higher, and the PCE was reported higher: 0.3% v 0.1%. The market gapped up at the open to SPX 2383 and continued to rally. The SPX had closed at 2364 yesterday. At 10am construction spending was reported lower: -1.0% v -0.2%, and the ISM was reported higher: 57.7 v 56.0. At 2pm the FED released: Around 2:30 the SPX hit 2401, then backed off to close at 2396.

For the day the SPX/DOW gained 1.40%, and the NDX/NAZ gained 1.25%. Bonds dropped 26 ticks, Crude slipped 25 cents, Gold dipped $2, and the USD was higher. Medium term support jumps to the 2385 and 2336 pivots, with resistance at the 2411 and 2428 pivots. Tomorrow: weekly jobless claims at 2pm.

The market gapped up at the open for the first time since February 13th. That gap up opening took the market to all-time new highs, and this one did too. During today’s advance the SPX went right through the 2385 pivot range, with only a 3 point pullback along the way. Our early November target of the SPX 2380’s for this uptrend has been met. The SPX is up 15.2% during this uptrend alone, as it has now extended into its fourth month. Quite an uptrend! We believe the market has now generated enough clues to hone in on the short term count. We can now count 9 waves up from the Nano wave ii low at SPX 2267: 2289-2272-2299-2285-2368-2353-2372-2359-2401 thus far. Yes, we just divided Micro 3 into five nano waves. It’s a long uptrend. This suggests Nano iii can end at anytime, although it would be ideal with a short term negative divergence, and a 30+ point pullback could follow for Nano iv. Still plenty of time, however, for this uptrend to go higher before entering a correction. Short term support is now at the 2385 pivot and SPX 2353, with resistance at the 2411 and 2428 pivots. Short term momentum ended the day overbought. Best to your trading!

MEDIUM TERM: uptrend

LONG TERM: uptrend


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