Tuesday update
SHORT TERM: new highs then pullback, DOW -33
Overnight the Asian markets lost 0.2%. Europe opened lower but gained 0.2%. US index futures were lower overnight, and the market opened 5 points below yesterday’s SPX 2481 record close. Right after the open, however, the market started to rise. Just past noon the SPX hit a new all-time high at 2491, and then started to pullback. The pullback lasted until 3:30 when the SPX hit 2470. Then a bounce into the close ended the day at 2475.
For the day the SPX/DOW lost 0.20%, and the NDX/NAZ lost 0.20%. Bonds lost 3 ticks, Crude slid 30 cents, Gold added $4, and the USD was higher. Medium term support drops back to the 2456 and 2444 pivots, with resistance at the 2479 and 2525 pivots. Tomorrow: wholesale inventories at 10am.
The market opened lower today, made a low at SPX 2476 within the first 15 minutes, and then started to rally. Just past 11:30 the SPX broke through the OEW 2479 pivot range (2472-2486) on its way to 2491 just past noon. With the breakout of the pivot this uptrend, which started at SPX 2408 in early July, cannot be a B wave. As a result we updated the SPX hourly/daily charts to display Minute wave iii of Minor wave 5 underway. The previous uptrend/downtrend reversals have been downgraded from Minor 5 to Minute waves i and ii. With a Minute iii underway it suggests Minor wave 5, of Int. iii, is extending. Which is exactly what the DOW has been displaying for several months.
The short term count is not totally clear, but it does look like a possible 5 waves up from SPX 2408: 2432-2413-2484-2465-2491 to end a Micro 1. Micro 1 of Minute i was 77 points, and Micro 1 of Minute iii is currently 83 points. Short term support drops to the 2456 and 2444 pivots, with resistance at the 2479 and 2525 pivots. Short term momentum dropped from quite overbought to slightly oversold. Best to your saber rattling trading!
MEDIUM TERM: uptrend
LONG TERM: uptrend
CHARTS: https://stockcharts.com/public/1269446/tenpp
Filed under: Updates
Source: https://caldaro.wordpress.com/2017/08/08/tuesday-update-605/
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).