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By Elliott Wave Lives On
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Tuesday update

Tuesday, March 28, 2017 13:10
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(Before It's News)

SHORT TERM: lower open then market rallies, DOW +151

Overnight the Asian markets gained 0.8%. Europe opened higher and gained 0.9%. US index futures were relatively flat overnight, and at 9am Case-Shiller was reported higher: 5.9% v 5.6%. The market opened 3 points below yesterday’s SPX 2342 close, bounced to 2344 in the opening minutes, hit 2338 by 10am, then started to move higher. At 10am consumer confidence was reported at a 16-year high: 125.6 v 114.8. The rally continued into the afternoon with a couple of small pullbacks along the way. At 1pm FED chair Yellen: Around 2:30 the SPX hit 2364, then pulled back to close at 2359.

For the day the SPX/DOW gained 0.70%, and the NDX/NAZ gained 0.60%. Bonds lost 11 ticks, Crude rose 60 cents, Gold dropped $5, and the USD was higher. Medium term support remains at the 2336 and 2321 pivots, with resistance at the 2385 and 2411 pivots. Tomorrow: pending home sales at 10am.

The market opened slightly lower today, bounced, hit SPX 2338, and then started to rally. Just before 2pm the SPX hit 2358, for a 36-point rally from yesterday’s 2322 low. This is the best rally since this decline began from SPX 2401 earlier in the month. The tentative green Micro 4 was upgraded to orange at that point. This rally now presents the best opportunity for a Micro 5 advance to new highs. Short term support is in the SPX 2350’s and the 2336 pivot, with resistance at the 2385 pivot and SPX 2401. Short term momentum hit quite overbought during today’s rally. Best to your trading!

MEDIUM TERM: uptrend rebounding

LONG TERM: uptrend


Filed under: Updates


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