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By Elliott Wave Lives On
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Tuesday update

Tuesday, March 21, 2017 14:30
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SHORT TERM: gap up opening then selloff, DOW -238

Overnight the Asian markets ended mixed. Europe opened higher but lost 0.6%. US index futures were higher overnight, and the market gapped up to SPX 2380 at the open. The market had closed at SPX 2373 yesterday. In the opening minutes the SPX hit 2382, then began to pullback. When the market closed the upside gap, and broke yesterday’s low, the market appeared to accelerate to the downside. At 11:30 the SPX hit 2349, rallied to 2360 just past noon, then dropped even lower. Around 2pm the SPX hit 2344, rallied to 2353 by 2:30, then hit 2342 just before a 2344 close.

For the day the SPX/DOW lost 1.20%, and the NDX/NAZ lost 1.65%. Bonds gained 14 ticks, Crude slid 60 cents, Gold rose $11, and the USD was lower. Medium term support remains at the 2336 and 2321 pivots, with resistance at the 2385 and 2411 pivots. Tomorrow: the FHFA index at 9am, then existing home sales at 10am.

The market gapped up at the open and looked like it was about to resume the choppy rally. But shortly after the open the market started to pullback, and when it broke Monday’s lows yesterday’s first option, an ongoing Nano wave iv, was underway. The decline was not surprising, but dropping 33 points in the first two hours was a surprise. At low of the day, SPX 2342, the market entered the 2336 pivot range for the first time in as month. This pivot should act as support. Short term support is at the 2336 and 2321 pivots, with resistance in the 2350’s and the 2385 pivot. Short term momentum displaying a slight positive divergence at the close. Trade what’s in front of you!

MEDIUM TERM: uptrend

LONG TERM: uptrend

CHARTS: https://stockcharts.com/public/1269446/tenpp

Filed under: Updates

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