monday update -- MrSwing

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monday update
Dec 22, 2008

Tony

ELLIOTT WAVE LIVES ON
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SHORT TERM: market pulls back to start the holiday week, DOW -59

Overnight the Asian markets were mixed. Europe opened lower and closed -1.05%. US index futures were higher overnight but faded, and the market opened essentially unchanged from friday's close at 888. By 11:30 however, the SPX had slipped to 871. For the next two hours the market tried to rally but could only manage to gain five points. Then by 1:30 the SPX turned over again and headed lower. By 3:30 the SPX hit 857 and then bounced into the close. For the day the SPX/DOW were -1.25%, and the NDX/NAZ were -2.15%. Bonds were down 10 ticks, Crude lost $2.50, Gold gained $11.50, 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 quite oversold at the lows. Tomorrow, at 8:30 the final Q3 GDP revision. Then at 10:00, new/existing Home sales along with Consumer sentiment. Best to your trading, and happy holidays!

MEDIUM TERM: downtrend low at SPX 741

LONG TERM: bear market rally

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