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By Elliott Wave Lives On
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Wednesday update

Wednesday, March 8, 2017 14:09
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SHORT TERM: higher open then further pullback, DOW -69

Overnight the Asian markets lost 0.1%. Europe opened lower and finished mixed. US index futures were flat overnight, then at 8:15 the ADP index was reported higher: 298K v 246K. The market opened 1 point above yesterday’s SPX 2368 close, rose to 2373 in the opening minutes, then began to pullback. At 10am wholesale inventories were reported lower: -0.2% v 1.0%. Around 11:30 the SPX retested yesterday’s SPX 2366 low. Then after a small rally to SPX 2372 just before 1pm, the market dropped to 2361 by 3:30. After that a small bounce ended the day at SPX 2363.

For the day the SPX/DOW lost 0.30%, and the NDX/NAZ gained 0.10%. Bonds dropped 12 ticks, Crude fell $2.85, Gold slid $7, 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 ECB meets, then weekly jobless claims and export/import prices at 8:30.

The market opened slightly higher today, hit SPX 2373, then made a new low for the Nano wave iv pullback at 2361 in late afternoon. With this decline reaching 40 points, versus the 34 point decline for Nano wave ii, we are now looking for a rising Nano wave v to get underway shortly. The first hint of this possibility would be for the market to rally more than 11 points. The largest rally during the 37 point decline has been only 11 points. At current levels this would only require a rally to today’s SPX 2373 high. Short term support is at SPX 2353 and the 2336 pivot, with resistance at the 2385 pivot and SPX 2401. Short term momentum continues to display a positive divergence. Best to your trading!

MEDIUM TERM: uptrend

LONG TERM: uptrend


Filed under: Updates


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