Short term: withdrawal extends, DOW-107
Overnight Asian markets were mostly lower. Europe has opened more low, and closed-1. 45%. U.S. future index were higher during the night, but slightly below SPX 1314 open market. It was closed to SPX 1315 yesterday. In the first few minutes, the market rallies to SPX 1318. It is the high for the day. Other withdrawal followed by taking low 1312 yesterday at 1310 just after 10: 00 am. At 10: 00 annual existing homes sales were reported earlier: 5.36 mln vs 5.28 mln. Another attempt to rally followed, but the SPX climbed to 1315 and heading then lower again. Around 12: 00 the SPX is below of pivot OEW 1313 breaking 1303 pivot range interval. 1 H 30 hit SPX 1300 and levels extremely oversold attempted another rally. At 2: 00 a.m., the FED has published as follows: http://www.federalreserve.gov/newsevents/press/bcreg/20110223a.htm. The market and then agrees with pivot 1313 just before 3: 30 a.m. and began to retreat. 3: 30 A.m., the FED published the following: http://www.federalreserve.gov/newsevents/press/bcreg/20110223b.htm. The retreat ends at 1307 SPX where the market closed.
For the day, DOW's SPX was 0.75% and the NDX/NATZ en-1. 05%. Lost links 8 ticks, crude rallied $3.10, but increased from 13 h $00 and the USD was lower. The SPX support drops now at 1303, then 1291 with resistance now in 1313, then 1363. Momentum in the short term was oversold extremely low today. Tomorrow, jobless claims weekly and goods sustainable at 8: 30 am then FHFA home prices and new home sales at 10: 00 pm.
Removing significant yesterday resumed today after a small opening at SPX 1318 rebound. The decline is so far, 44 points SPX or 3.3%, making it the largest withdrawal since point 54 and 4.4% fall in November. Low today there were slight overlap between high SPX 1303 minor 1 withdrawal and this potential miners 4. This brings the integer short-term wave low intermediate four SPX 1173 in question. This also increases the probabilities that a large wave 1 high and a high rise, took place at SPX 1344. Nothing confirmed yet by OEW, keep advised. Intermediary should OEW confirm a downward trend likely support for large waves 2 would be between SPX 1173 and 1227, waves three and four.
Short-term graphic OEW remain negative. The SPX would rally towards 1320 and especially for them to turn positive again. Expenses General resistance is now at pivot OEW range 1313, then 1363 above that. Support is the pivot of the OEW 1303, held today, then 1291 below that. Short term momentum has increased by extremely oversold, but just condition. We remain with the counts displayed pending further market activity. It would seem that this increase in seven months probably ended if gross clears $100 per barrel in the coming days. Best for your business!
Medium term: increase in risk
LONG term: market bull.
MAPS: http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1606987
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