THE ELLIOTT DAILY MARKET COMMENTARY
Yesterday, Thursday's Market commentary
Per our market email the market yesterday did dip for the first hour or so, then rallied 140 points from the low of the day. We broke thru the 1000 day SMA [ simple moving average], only to fall back and close on it, +40 points.
Today, we should see the MAP pattern result of the retest of the DJ-30 1000 day SMA. A down move.
First support targets come in at 11,550, and 11480 and 11,422.
The QQQQ hit the daily 50 SMA yesterday, and should also exhibit the "MAP" pattern. A down reaction, first supports at 47.84, 45.70, 45.34
The SP-500 at July highs suggests a dip to the 1276 and 1266 support areas.
As we noted yesterday look for an oversold bounce in oil. DUG dropped 4.5%, with continued down moves today. USO target $98 and $98.76
Gold was also noted to bounce, $5 yesterday with potential now to move back to the $900.00 level.
This market bottom call we have made this past month is NOT THE BOTTOM, in my opinion, but a oversold bounce in a down market that has plenty of road to travel in a down move yet to come. This bear market should challenge some 2000 bear market lows.
TODAY'S MARKET, Friday, August 8, 2008.
Per our market email the market yesterday did continue to drop after failing the 1000 day SMA. Our intraday market pivots for the DJ-30 were about as perfect as could be posted at 11,550, and 11480 and 11,422.
Today look for more selling with the DJ-30 supports coming in at 11,346 and bounce resistance levels coming in at 11,460 and 11,554.
The QQQQ support starts at 46.11 and 45.63 and resistance 46.60.
The SP-500 support starts at 1260.9 resistance at 1270.6and 1278.
IWM support 70.93and 69.84 with resistance at 71.40 and 71.72 and 72.25
Gold is again signaling down
Oil , intra day showing a morning down move.
This market bottom call we have made this past month is NOT THE BOTTOM, in my opinion, but a oversold bounce in a down market that has plenty of road to travel in a down move yet to come. This bear market should challenge some 2000 bear market lows.
GOVERNMENT REPORTS
-
Aug 8 8:30 AM Productivity-Prel Q2 - 2.8% 2.6% NA -
Aug 8 10:00 AM Wholesale Inventories Jun - 0.6% 0.6% 0.8%
MARKET TRENDS
Long Term : 100% BEAR: Weekly failure of 50 SMA, start of Bear, confirmed on failure of Weekly 200 SMA (on 6/26).
Intermediate Term: BEAR: Both failed daily 50 and 200 SMA.
Short Term: Bear: Hourly below the 50 SMA and above THE 200 SMA.
Market Sector Movers Yesterday, TODAY'S PICKS.
Long Term Care Facilities; FVE, SUNH, NHC, CRZ
Medical Practitioners; LCAV, TRCR, INMD,
Semiconductor Memory chips; NLST, RMTR, MU, RMBS, SNDK (still filling gap)
MOBO BREAKOUTS
CHC
TXCO
CORS
RJET
WRC
TDC
<$2 Stock
QTM
DFR
AERG
DNE
BCON 6% yesterday, day 2
SNAP BACKS UP
MANT
HEK
DRS
APOL
Precious Metals and Oil
Gold, DOWN
Silver, DOWN
Copper, DOWN
Oil Morning drop
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Last update : 08-08-2008 05:59
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