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By Elliott Wave Lives On
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Thursday update

Thursday, March 16, 2017 13:09
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(Before It's News)

SHORT TERM: higher open then pullback, DOW -16

Overnight the Asian markets gained 1.0%: mostly Hong Kong. Europe opened higher and gained 0.2%. US index futures were higher overnight as well. At 8:30 weekly jobless claims were reported lower: 241K v 243K, housing starts were reported higher: 1288K v 1246K, building permits were reported lower: 1213K v 1285K, and the Philly FED was lower: 32.8 v 43.3. The market opened at SPX 2388, 3 points above yesterday’s close, and immediately began to pullback. At 11:30 the SPX hit 2378, bounced to 2383 by 2pm, pulled back to 2377 by 3pm, then ended the day at 2381.

For the day the SPX/DOW lost 0.10%, and the NDX/NAZ ended mixed. Bonds dropped 8 ticks, Crude was flat, Gold rose $5, and the USD was lower. Medium term support remains at the 2336 and 2321 pivots, with resistance at the 2385 and 2411 pivots. Tomorrow: industrial production at 9:15, then leading indicators and consumer sentiment at 10am.

The market opened a bit higher today, hit SPX 2388, pulled back to 2378 by late morning, rebounded some, and then pulled back to 2377 at 3pm, before ending the day at 2381. At today’s low the market had pulled back 13 points from yesterday’s high. A meaningful for day traders, but not so much for this wave counter. With most of the economic news for the week now out of the way. The last determining factor for this week, is whether or not option expiration’s impact occurred today, or will occur tomorrow. With today’s pullback, after yesterday’s rally, it could have already occurred. Short term support is at SPX 2353/55/58 and the 2336 pivot, with resistance at the 2385 pivot and SPX 2401. Short term momentum declined to neutral during today’s pullback. Trade what is in front of you!

MEDIUM TERM: uptrend

LONG TERM: uptrend


Filed under: Updates


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