Friday, November 02, 2012 4:17:32 PM
friday update by tony caldaro
SHORT TERM: gap up opening faded again, DOW -139
Overnight the Asian markets gained 1.1%. European markets opened lower but gained 0.3%. US index futures were relatively flat overnight until the monthly Payrolls report: +171K vs +114K, with the Unemployment rate: 7.9% vs 7.8%. The market gapped up at the open to SPX 1433, hit 1434 in the first few minutes, then began to pullback. At 10:00 Factory orders were reported higher: +4.8% vs -5.2%. The pullback continued until 11:00 when the SPX hit 1424. After a bounce to SPX 1427 by 1:00 the market pulled back again. Heading into the close the SPX hit 1413 and ended the week at 1414.
For the day the SPX/DOW were -1.00%, and the NDX/NAZ were -1.20%. Bonds gained 1 tick, Crude slid $2.15, Gold dropped $35, and the USD was higher. Medium term support remains at the 1386 and 1372 pivots, with resistance at the 1440 and 1499 pivots. Last night the FED reported the Monetary base was lower: $2.642 tln vs $2.652 tln.
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Today the WLEI was reported lower: 55.9% vs 56.0%.
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The market gapped up at the open today, and then closed the upside gap before noon. This is the third consecutive gap up opening, in the past two weeks, that has acted this way. At the open the SPX was within the range of the 1440 pivot. At the close it had broken below support at SPX 1422/27 to lower support at 1413/16. This should be a very interesting weekend review.
Short term support drops back to SPX 1413/16 and 1402/03, with resistance again at 1422/27 and the 1440 pivot. Short term momentum displayed a negative divergence right after today's open, and ended the day quite oversold. The short term OEW charts turned negative again this afternoon, with the swing level now around SPX 1422. Best to your weekend!
MEDIUM TERM: downtrend
LONG TERM: bull market
CHARTS: http://stockcharts.com/public/1269446/tenpp
SHORT TERM: gap up opening faded again, DOW -139
Overnight the Asian markets gained 1.1%. European markets opened lower but gained 0.3%. US index futures were relatively flat overnight until the monthly Payrolls report: +171K vs +114K, with the Unemployment rate: 7.9% vs 7.8%. The market gapped up at the open to SPX 1433, hit 1434 in the first few minutes, then began to pullback. At 10:00 Factory orders were reported higher: +4.8% vs -5.2%. The pullback continued until 11:00 when the SPX hit 1424. After a bounce to SPX 1427 by 1:00 the market pulled back again. Heading into the close the SPX hit 1413 and ended the week at 1414.
For the day the SPX/DOW were -1.00%, and the NDX/NAZ were -1.20%. Bonds gained 1 tick, Crude slid $2.15, Gold dropped $35, and the USD was higher. Medium term support remains at the 1386 and 1372 pivots, with resistance at the 1440 and 1499 pivots. Last night the FED reported the Monetary base was lower: $2.642 tln vs $2.652 tln.
.
Today the WLEI was reported lower: 55.9% vs 56.0%.
.
The market gapped up at the open today, and then closed the upside gap before noon. This is the third consecutive gap up opening, in the past two weeks, that has acted this way. At the open the SPX was within the range of the 1440 pivot. At the close it had broken below support at SPX 1422/27 to lower support at 1413/16. This should be a very interesting weekend review.
Short term support drops back to SPX 1413/16 and 1402/03, with resistance again at 1422/27 and the 1440 pivot. Short term momentum displayed a negative divergence right after today's open, and ended the day quite oversold. The short term OEW charts turned negative again this afternoon, with the swing level now around SPX 1422. Best to your weekend!
MEDIUM TERM: downtrend
LONG TERM: bull market
CHARTS: http://stockcharts.com/public/1269446/tenpp
CHARTS TREND_SUPPORT_RESISTANCE _http://investorshub.advfn.com/boards/board.aspx?board_id=12981
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