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By Elliott Wave Lives On
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Tuesday update

Tuesday, November 14, 2017 14:09
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SHORT TERM: gap down opening then rebound, DOW -30

Overnight the Asian markets lost 0.2%. Europe opened higher but lost 0.3%. US index futures were lower overnight, and at 8:30 the PPI was reported higher. The market gapped down at the open to SPX 2576 and continued to decline. The SPX had closed at 2585 yesterday. Just past 10am the SPX hit 2567, firmed, and started to rally. At 11am the SPX had reached 2580, then started to pullback again. At 1pm the SPX hit 2572, then bounced to 2579 to end the day.

For the day the SPX/DOW lost 0.15%, and the NDX/NAZ lost 0.30%. Bonds gained 4 ticks, Crude dropped $1.40, Gold rose $3, and the USD was lower. Medium term support remains at the 2575 and 2525 pivots, with resistance at the 2594 and 2632 pivots. Tomorrow: the CPI, retail sales and the NY FED at 8:30, then business inventories at 10am.

The market gapped down at the open today for the third time in the past four trading days. The chop continues. At the low the SPX nearly hit 2566 again for the third time before rallying. It appears the SPX is bouncing back and forth between 2566 and 2588. Great for day traders, spinning wheels for the rest of us. The price pattern since the SPX 2588 high continues to get choppier: 2566-2597-2566-2586-2574-2588-2567. Certainly not impulsive looking. Continue to see an eventual drop into the SPX 2540’s to end Minute iv. Short term support is at the 2575 pivot and SPX 2566, with resistance at the 2594 and 2632 pivots. Short term momentum was quite oversold this morning before rebounding to neutral. Best to your trading!

MEDIUM TERM: uptrend

LONG TERM: uptrend


Filed under: Updates


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