Folks, let's take a look at what Tony Caldaro is posting for his Friday update on the markets (as shown at his Objective Elliott Wave site, included in the "other sites of interest" at the right side of the page):
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the ELLIOTT WAVE lives on
Market analysis using proprietary Objective Elliott Wave techniques
April 24
friday update
SHORT TERM: market continues to move higher, DOW +119
Overnight the Asian markets were mixed. Europe opened higher and closed +3.2%. US index futures were initially lower overnight but rallied with Europe. At 8:30 Durable goods orders were reported -0.8% v +2.1%. The market opened slightly higher and rallied to SPX 863 by 10:00. Then New home sales were reported at 356K v 358K. The market pulled back a bit on the news hitting 857 by 10:30. The rally then resumed and the market took out wednesdays high and hit 868 by 1:30. As the market started to pullback the FED announced the parameters they used for the "stress test" at 2:00: http://www.federalreserve.gov/newsevents/press/bcreg/20090424a.htm.
The market reacted wildly after the report. Just after the news the SPX spiked down to 857, near the lows of the day, and then spiked back up and made new highs for the day at 872. This uptrend has certainly been resilient. For the day the SPX/DOW were +1.60%, and the NDX/NAZ were +2.35%. Bonds lost about 1/2 point, Crude rallied $1.85, Gold added $7.00, and the Euro was higher. Support for the SPX remains at 848 and then 789, with resistance at 912 and then 935. Short term momentum was extremely overbought before the spikes and ended with a slight negative divergence.
This market has certainly frustrated traders over the past few days. Will try to unravel this interesting short term wave structure over the weekend. Thus far, it still appears as a Minor wave B. Best to your weekend!
MEDIUM TERM: uptrend
LONG TERM: bear market
CHARTS: http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1606987
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