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By Elliott Wave Lives On
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Tuesday update

Tuesday, March 13, 2018 13:27
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SHORT TERM: gap up opening sold, DOW -172

Overnight the Asian markets gained 0.2%. Europe opened higher but lost 1.1%. US index futures were higher overnight, and the CPI was reported higher. The market gapped up at the open to SPX 2796, hit 2802 in the opening moments, then started to pullback. The SPX had closed at 2783  yesterday. By noon the SPX had dropped 32-points to 2770. Then after a rally to around unchanged at SPX 2783, the market headed lower again. Heading into the close the SPX hit 2759, then bounced to end the day at 2765.

For the day the SPX/DOW lost 0.65%, and the NDX/NAZ lost 1.15%. Bonds gained 6 ticks, Crude lost 65 cents, Gold rose $2, and the USD was lower. Medium term support drops to the 2731 and 2656 pivots, with resistance at the 2780 and 2798 pivots. Tomorrow: retail sales and the PPI at 8:30, then business inventories at 10am.

The market gapped up at the open today, reached SPX 2800 for the first time since early February, then sold off for the rest of the day. It looks like the market could have completed Minute iii this morning at SPX 2802, from 2702, and is now pulling back in a Minute iv. Already a steep 40+ point decline in just one day. See SPX hourly chart using the link below. Short term support is at the 2731 and 2656 pivots, with resistance at the 2780 and 2798 pivots. Short term momentum displayed a negative divergence at today’s highs and ended oversold. Best to your trading this volatile market.

MEDIUM TERM: uptrend probably underway

LONG TERM: uptrend



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