monday update -- MrSwing

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monday update
Dec 30, 2008

Tony

ELLIOTT WAVE LIVES ON
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vSHORT TERM: market drifts lower on light volume, DOW -32

Overnight the Asian markets were mostly higher. Europe opened higher and closed +2.05%. US index futures were flat overnight, and the market opened unchanged this morning. After pausing for about 15 minutes the market headed lower. By 1:00 the SPX hit 857, which matched last monday's low. After holding that level for a half hour the market then rallied to 869 into the close. Another fairly quiet day. At the close the SPX/DOW were -0.40%, and the NDX/NAZ were -1.20%. Bonds gained 9 ticks, Crude added $2.50, Gold rallied $5.00, and the Euro was lower. Support for the SPX remains at 848 and then 789, with resistance at 912 and then 935. Short term momentum was oversold at the lows and moved to neutral on the rally. The market is still on a very short term negative divergence on Globex. Tomorrow at 10:00 a consumer confidence report. Best to your trading!

MEDIUM TERM: downtrend low at SPX 741

LONG TERM: bear market rally

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