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By Elliott Wave Lives On
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Friday update

Friday, April 7, 2017 13:25
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(Before It's News)

SHORT TERM: US strikes Syrian airbase, DOW -7

Overnight the Asian markets lost 0.1%. Europe opened lower but gained 0.3%. US index futures plunged after reports of a US air attack on a Syrian airbase. Heading into the open, however, they had recovered. At 8:30 monthly payrolls were reported lower: 98K v 235K, and unemployment was reported lower: 4.5% v 4.7%. The market opened 1 point below yesterday’s SPX 2357 close, bounced to 2361, then hit 2351 by 10am. At 10am wholesale inventories were reported higher: 0.4% v -0.2%. The market then started to work its way higher. For the third day in a row the market rallied until about 1:30, this time hitting SPX 2364, and then started to back off. At 3pm consumer credit was reported higher: $15.2B v $8.8B. The market then closed at SPX 2356.

For the day the SPX/DOW lost 0.05%, and the NDX/NAZ lost 0.05%. Bonds dropped 13 ticks, Crude rose 55 cents, Gold added $3, and the USD was higher. Medium term support remains at the 2336 and 2321 pivots, with resistance at the 2385 and 2411 pivots. Today the WLEI was reported lower: 57.5% v 57.8%, and the Q1 GDP estimate was reported lower as well: 0.6% v 0.9%.

Despite an overnight drop to the SPX 2340 cash equivalent in the futures market, the cash market only printed a low of 2351 today. Nevertheless, the short term market activity continues to act quite choppy. Which continues to support a potential ongoing correction. More on this in the weekend update. Best to your weekend!

MEDIUM TERM: uptrend under pressure

LONG TERM: uptrend


Filed under: Updates


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