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By Elliott Wave Lives On
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Friday update

Friday, March 10, 2017 14:09
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(Before It's News)

SHORT TERM: gap up opening then pullback, DOW +45

Overnight the Asian markets gained 0.6%. Europe opened higher and gained 0.2%. US index futures were higher overnight. At 8:30 monthly payrolls were reported higher: 235K v 223K, and the unemployment rate improved: 4.7% v 4.8%. The market gapped up at the open to SPX 2376 and immediately began to pullback. The SPX had closed at 2365 yesterday. After a 5 point pullback the SPX rallied to 2377 by 10am. Then Crude headed lower and took the SPX with it. At 11am the SPX hit 2367, bounced to 2372 by 11:30, then closed the gap when hitting 2363 at 1pm. After that the market started to work its way higher. At 2pm the budget deficit was reported slightly lower: -$192.0B v -$192.6B. The rally continued into the close and the SPX ended the week at 2373.

For the day the SPX/DOW gained 0.25%, and the NDX/NAZ gained 0.40%. Bonds gained 6 ticks, Crude dropped 80 cents, Gold added $3, and the USD was lower. Medium term support remains at the 2336 and 2321 pivots, with resistance at the 2385 and 2411 pivots. Today the WLEI was reported lower: 59.5% v 60.2%, and this week the Q1 GDP estimated was lowered: 1.2% v 1.8%.

The market gapped up at the open today for the first time since a week ago Wednesday when the SPX hit its all-time high of 2401. After a quick pullback the SPX hit a higher level at 2377. Then Crude oil seemed to take center stage. When Crude broke $49, on its way to $48.30, the SPX followed it lower. By 1pm the SPX had closed the gap and hit 2363. After that Crude seemed to stabilize and the market started to rise again. At this morning’s open we labeled yesterday’s SPX 2355 low with a tentative green Nano wave iv. Nano wave v should now be underway. Short term support remains at SPX 2353/55 and the 2336 pivot, with resistance at the 2385 pivot and SPX 2401. Short term momentum hit overbought, after yesterday’s positive divergence, and ended the week just above neutral. Best to your weekend!

MEDIUM TERM: uptrend

LONG TERM: uptrend


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