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By Elliott Wave Lives On
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Tuesday update

Tuesday, April 11, 2017 13:10
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(Before It's News)

SHORT TERM: decline continues, DOW -7

Overnight the Asian markets lost 0.1%. Europe opened lower and lost 0.1% as well. US index futures were lower overnight, and the market opened 4 points below yesterday’s SPX 2357 close. The market continued to decline until around 11am when the SPX hit 2337. Then the market rallied all the way back to SPX 2354 by 3pm. After a small dip in the lasy hour of trading the market closed at SPX 2354.

For the day the SPX/DOW lost 0.10%, and the NDX/NAZ lost 0.35%. Bonds gained 17 ticks, Crude added 10 cents, Gold rallied $17, and the USD was lower. Medium term support remains at the 2336 and 2321 pivots, with resistance at the 2385 and 2411 pivots. Tomorrow: export/import prices at 8:30, then the budget deficit at 2pm.

The market opened lower today, dropped to its lowest level in two weeks, then rebounded almost back to unchanged. Over the past two weeks the SPX has found support at the 2321 pivot, ran into resistance at the 2385 pivot, and today found support at the 2336 pivot. Quite a range of corrective waves. If we count SPX 2401 as the Minor wave 3 high, we can then count: an abc down to SPX 2322, an abc up to SPX 2378, and now another abc down to possibly SPX 2299. At that level the last abc would equal the first abc. Short term support remains at the 2336 and 2321 pivots, with resistance at the 2385 and 2411 pivots. Short term momentum was quite oversold this am before rebounding to neutral. Trade what’s in front of you! Swarm is next at 5pm.

MEDIUM TERM: downtrend probability increasing

LONG TERM: uptrend


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