22-09-2009, 22:36
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#1716 (permalink)
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Utente Senior
Data registrazione: Jul 2006
Messaggi: 1,130
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September 22
tuesday update
SHORT TERM: rally resumes as FOMC meeting begins, DOW +51
Overnight the Asian markets were mixed again. Europe opened higher and closed +0.45%. US index futures were higher overnight and the market opened higher, hitting SPX 1071 within the first few minutes. The SPX closed at 1065 yesterday. By 10:00, the SPX had pulled back a few points to 1067 and the government's FHFA monthly housing prices were released: +0.3% v +0.1%. The market started to rally on the news and the SPX hit 1074, one point under the uptrend high, at 12:30. Another small pullback followed to SPX 1070 by 1:30, and then the market went sideways into the close. For the day the SPX/DOW were +0.60%, and the NDX/NAZ were +0.25%. Bonds gained 9 ticks, Crude added $1.90, Gold rallied $12.00, and the Euro was also higher. Support for the SPX remains at 1061 and then 1041, with resistance at 1090 and then 1107. Short term momentum continued to move higher, after yesterday's oversold level, and was slightly overbought at today's high. Tomorrow, the FOMC statement at 2:15.
It does appear that the market is working its way higher to finish off Minor wave 3. SPX 1057 held support yesterday at the OEW 1061 pivot, after an 18 point decline from 1075. Today the market moved back to that level but found some resistance there ahead of the FOMC statement tomorrow. FOMC results often create a lot of volatility, Tomorrow should be no exception. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: bear market
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