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By Elliott Wave Lives On
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Tuesday update

Tuesday, February 13, 2018 14:27
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SHORT TERM: gap down opening then reversal, DOW +39

Overnight the Asian markets gained 0.2%. Europe opened lower and lost 0.5%. US index futures were lower overnight and the market opened at SPX 2640. The SPX had closed at 2656 on Monday, after a big rally. In the opening minutes the SPX hit 2637, and then started to reverse and work its way higher. Just before 2pm the SPX hit 2668, dipped to 2659 by 2:30, bounced to 2668 in the last hour of trading, and ended the day at 2663.

For the day the SPX/DOW gained 0.20%, and the NDX/NAZ gained 0.45%. Bonds rose 6 ticks, Crude slipped 10 cents, Gold gained $7, and the USD was lower. Medium term support remains at the 2656 and 2632 pivots, with resistance at the 2731 and 2780 pivots. Tomorrow: the CPI and retail sales at 8:30, then business inventories at 10am.

The market gapped down at the open today as the volatility continued. A few minutes after the open, however, the market started to work its way back up instead of declining further. Short term sentiment changing, or just on pause? In the afternoon the market had closed the gap and turned positive on the day. Recent trading appears to be more balanced with larger lots and narrower daily price ranges. Should the market clear SPX 2673, in the coming days, Int. v may be underway. Short term support is at the 2656 and 2632 pivots, with resistance at the 2731 and 2780 pivots. Short term momentum ended the day just below overbought. Best to your trading!

MEDIUM TERM: downtrend

LONG TERM: uptrend



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