friday update -- MrSwing

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friday update
Dec 26, 2008

Tony

ELLIOTT WAVE LIVES ON
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SHORT TERM: market edges higher in quiet day, DOW +47

Overnight and over the holiday the Asian markets were mixed. Europe was closed both days. US index futures opened this morning with a positive bias and the market opened higher at SPX 873. Lacking any significant news the market drifted down until around 1:00 when it hit 867, only six points below the open. Then the market edged higher into the close. For the day the SPX/DOW were +0.55%, and the NDX/NAZ were +0.25%. Bonds were up 17 ticks, Crude may be rallying and gained $2.25, Gold added $22.50, 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 nearing overbought as the market closed. Not much new to report, and we're likely to have a quiet week to close the month as well. Enjoy the holidays!

MEDIUM TERM: downtrend low at SPX 741

LONG TERM: bear market rally

CHARTS: http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1606987