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REVIEW The week started at SPX 2787. After rallying to SPX 2802 by Tuesday morning the market headed lower into Thursday. Then after a SPX 2741 Thursday low the market hit 2762 on Friday. But closed at SPX 2752 for the week. For the week the SPX/DOW lost 1.35%, and the NDX/NAZ lost 1.05%. Economic […]
All markets are driven by long term investor confidence cycles. When the cycle is positive a bull market unfolds, when negative a bear market. The Objective Elliott Wave (OEW) technique not only determines if a market is bullish or bearish, it also determines how far a market has progressed in its current cycle. OEW is not […]
SHORT TERM: higher open then another pullback, DOW +116 Overnight the Asian markets were mixed. Europe opened higher and gained 0.6%. US index futures were higher overnight. At 8:30 weekly jobless claims were reported lower, along with the Philly FED. The NY FED and export/import prices were reported higher. The market opened at SPX 2756, […]
SHORT TERM: gap up opening sold, DOW -172 Overnight the Asian markets gained 0.2%. Europe opened higher but lost 1.1%. US index futures were higher overnight, and the CPI was reported higher. The market gapped up at the open to SPX 2796, hit 2802 in the opening moments, then started to pullback. The SPX had closed […]
REVIEW. The week started at SPX 2691. After a gap down opening on Monday, a SPX 2676 low, the market rose for the rest of the week. Tuesday had a gap up opening, but the opening was sold at SPX 2732 and the market declined to 2702 by Wednesday. After that the market resumed its […]