Wednesday update
SHORT TERM: lower open, DOW -89
So far this week Asian markets have gained 1.3%, and European markets have gained 1.0%. The SPX started the week at 2850, rallied to match its all-time high at 2873 on Tuesday, then pulled back on Wednesday. At that high we could count five waves up from SPX 2802: 2819-2806-2850-2834-2873. The largest pullbacks during the rally were 13 and 16 points. Early Wednesday morning the SPX had pulled back 17 points in the cash market (2856), and a lot more (28 point equivalent) overnight in the futures market. Just noting the futures action even though we do not consider it in our analysis.
If this rally did conclude at SPX 2873, then a 40+ point pullback could follow. This would suggest a decline to the OEW 2835 pivot range is underway. After the pullback new all-time highs are next. The DOW still has to rally about 3% to reach its all-time high at 26,617. Short term support is at the 2858 and 2835 pivots, with resistance at the 2884 pivot. Short term momentum ended the day just below neutral. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend
CHARTS: https://stockcharts.com/public/1269446/tenpp
Source: https://caldaro.wordpress.com/2018/08/22/wednesday-update-633/
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