THE ELLIOTT DAILY MARKET COMMENTARY

Monday gave us a slight bounce from the market lows to show a positive close for the DJ-30, DJ-65, SP-500, NYSE, while the IWM and QQQQ continued to test lows.
The hourly snap back down signals for the open Monday, again proved accurate with a new low registered for the DJ-30, before rallying for a positive close.
At one point we had a 80 point upside move, but were unable to hold.
Today we are getting two day buy signals that suggest today is down with any buying coming in late today or tomorrow.
Expectations of the start of a 2-3 day rally at this point look to be dashed on the rocks of worldwide economic slow down signals with London giving bad manufacturing numbers in their opening hours today. That dragged the European exchanges down and sent the Index futures tumbling lower.
Long stock ideas are on hold until some positive signals and Index confirmations are in place.

ELN continues higher after 4-5 days of sideways consolidation.





TODAY'S MARKET, Tuesday

Yesterday we were getting "two day buy signals that suggest Tuesday down , it was, hard, with any buying coming in late Tuesday , or Wednesday."
Not a bad move Tuesday, with our buying coming in later in the afternoon.
Early indicators of a positive close came in from the Banking stocks, with Apple Computer, and Research in Motion putting their low of the day at the open.
Today I look for morning weakness in the first hour or so with strength coming in later again with the Indexes looking for new highs from yesterday's lows.
Upside hourly 50 SMA's are important as targets for the market pop to falter and roll over again.
Should yesterday's lows be a significant then the DJ should fail the 60 minute 50 SMA then dip, but fail to make a new low, and then blow thru the hourly 50 SMA.
DJ-30 support 11,337, and 11,289 with resistance at 11,404 and 11,609.
QQQQ support 45.52 resistance 46.35
SP-500 support 1278.86 and 1273 resistance at 1300


GOVERNMENT REPORTS

Jul 2 8:15 AM ADP Employment Jun - - 28K 40K -
Jul 2 10:00 AM Factory Orders May - 0.0% 0.6% 1.1% -
Jul 2 10:30 AM Crude Inventories 06/28 - NA NA 830K -
Jul 3 8:30 AM Average Workweek Jun - 33.8 33.7 33.7 -
Jul 3 8:30 AM Hourly Earnings Jun - 0.3% 0.3% 0.3% -
Jul 3 8:30 AM Initial Claims 06/28 - 375K NA 384K -
Jul 3 8:30 AM Nonfarm Payrolls Jun - -50K -50K -49K -
Jul 3 8:30 AM Unemployment Rate Jun - 5.4% 5.4% 5.5% -
Jul 3 10:00 AM ISM Services Jun - 52.0 51.5 51.7 -

TRADE STATION USERS, WE ARE SETTING UP A SPECIAL PROGRAM FOR YOU TO SET UP WITH OUR TCNET SETTINGS.
Some special Trade Station announcements THIS week.

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Last update : 02-07-2008 06:14

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