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Thursday update

Thursday, December 7, 2017 14:17
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(Before It's News)

SHORT TERM: lower open then rally, DOW +71

Overnight the Asian markets gained 1.0%. Europe opened higher and gained 0.1%. US index futures were mostly higher overnight, and at 8:30 weekly jobless claims were reported lower. The market opened two points below yesterday’s SPX 2629 close. That was the low of the day. After that the market worked its way up to SPX 2641 by 1pm. The market then pulled back to SPX 2633 by 2:30. At 3pm consumer credit was reported higher. Then the market bounced to close at SPX 2637.

For the day the SPX/DOW gained 0.30%, and the NDX/NAZ gained 0.45%. Bonds lost 6 ticks, Crude gained 65 cents, Gold dropped $16, and the USD was higher. Medium term support rises to the 2632 and 2594 pivots, with resistance at the 2646 and 2656 pivots. Tomorrow: monthly payrolls at 8:30, then consumer sentiment and wholesale inventories at 10am.

The market made the low at open today, then rallied to SPX 2641 in the afternoon. This represents a scant 16 point rally from early yesterday’s double bottom at SPX 2625. And it looks a bit choppy. Just an oversold B wave rally pivot to pivot? We continue to see evidence that an Int. iv correction is underway. Would want to see the SPX break 2625 before increasing the probability of that occurring. Thus far, from the Monday/Tuesday selloff: a Wednesday/Thursday B wave rally. Short term support is at the 2632 pivot and SPX 2606, with resistance at the 2646 and 2656 pivots. Short term momentum ended at neutral after being overbought. Best to your trading!

MEDIUM TERM: uptrend topped ?

LONG TERM: uptrend

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

Filed under: Updates



Source: https://caldaro.wordpress.com/2017/12/07/thursday-update-607/

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