Is it possible we are In primary 4 major b topping. With major c starting now. With a target of 1619. Moving to primary 5 with a target of 1779 on 11-26
SHORT TERM: rally resumes, DOW +96
Overnight the Asian markets lost 0.2%. Europe opened higher and gained 0.6%. US index futures were higher overnight. At 8:30 weekly Jobless claims were reported lower: 350K v 358K, and the Trade deficit was reported slightly lower: -$38.8bn v -$39.1bn. The market opened three points above yesterday’s SPX 1746 close. Within the first few minutes it touched SPX 1750, dipped to 1746, and then started to rally. Heading into the afternoon, with only 2-3 point pullbacks, the SPX hit 1754 at 3PM, and then began to pullback into a 1752 close.
For the day the SPX/DOW were +0.50%, and the NDX/NAZ were +0.50%. Bonds lost 8 ticks, Crude added 15 cents, Gold rose $12, and the USD was lower. Medium term support remains at the 1699 and 1680 pivots, with resistance at the 1779 pivot. Tomorrow: Durable goods orders at 8:30, then Consumer sentiment and Wholesale inventories…
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