THE ELLIOTT DAILY MARKET COMMENTARY
Yesterday, Wednesday's Market commentary
A homerun with bases loaded ! Yesterday's market reversal call for an `rally' caught most market traders on the wrong side of the market. Today we look for follow thru of this hard turn to the upside.
I am looking at this as a start or a wave 3, with Monday's lows being the wave 2, failed new low.
Today look for the DJ-30 to hit the 60/50 at 11,426, our first resistance then 11,450, followed by the 11,697 high.
Sp-500 is thru the 60/50 with support at 1261, 1250, and resistance target next at 1273, and 1290.
QQQQ is thru the 50/60 with support at the 44.94 and resistance at 45.94.
This market bottom call we have made this past week 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, Thursday, July 31, 2008.
Two great market moves to the upside for the Indexes with the DJ-30 doing a total of 452 points on our last two up day calls.
Again the hourly 50 SMA for the DJ-30 held the markets up on a dip, mid-day, after the brake out, and then sent it to new highs of the day on the close.
Today we show sell signals from or leading pattern indicator for the Indexes.
This suggests all the indexes close down today.
DJ-30 11,429 becomes our first major support on this dip today with another at 11,316.
SP-500 shows major support at 1271 and 1262
QQQQ shows major support at 45.03 and 44.88
DAILY MARKET LIVE CHAT ARCHIVED AT http://www.chartsnchat.com/
THIS PAST WEEK'S MARKET VIDEO POST ON LONGER TERM INDEX MOVES. http://www.optionsuniversitystrategist.com/Davidvideos/08-28-2008/
GOVERNMENT REPORTS
Jul 31 8:30 AM Chain Deflator-Adv. Q2 - 3.0% 2.8% 2.7% -
Jul 31 8:30 AM Employment Cost Index Q2 - 0.7% 0.7% 0.7% -
Jul 31 8:30 AM GDP-Adv. Q2 - 2.8% 1.8% 1.0% -
Jul 31 8:30 AM Initial Claims 07/26 - 380K NA 406K -
Jul 31 9:45 AM Chicago PMI Jul - 50.1 49.0 49.6 -
Aug 1 12:00 AM Auto Sales Jul - 5.0M NA 4.9M -
Aug 1 12:00 AM Truck Sales Jul - 5.0M NA 5.0M -
Aug 1 8:30 AM Average Workweek Jul - 33.8 33.7 33.7 -
Aug 1 8:30 AM Hourly Earnings Jul - 0.3% 0.3% 0.3% -
Aug 1 8:30 AM Nonfarm Payrolls Jul - -40K -68K -62K -
Aug 1 8:30 AM Unemployment Rate Jul - 5.5% 5.6% 5.5% -
Aug 1 10:00 AM Construction Spending Jun - -0.2% -0.3% -0.4% -
Aug 1 10:00 AM ISM Index Jul - 50.5 NA 50.2
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: BULL[TEMP. ] : Hourly ABOVE the 50 SMA and ABOVE THE 200 SMA.
Market Sector Movers Yesterday
ENERGY
POLUTION & TREATMENT [ FTEK]
CONSUMER SERVICES
HEAVY CONSTRUCTION [MDR]
MOBO BREAKOUTS
TTES
JNY
ONNN
CSC
GNK
UA
<$2 Stock
AGEN
VRNM hit the 50
SCA this did 60% yesterday
STSI, LOOKING FOR WAVE 3
FBTX
NGEN
MRVC
SNAP BACKS UP
BGG
SYNA
BRL
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Athens, named for the Goddess Athena, became the capital of Greece in 1834. Athens will bring to mind the Golden Age of Greece in the 5th century before Christ, when enormous strides in architecture, literature, math and science, philosophy and medicine were made. Walk in the footsteps of the ancients - Sophocles and Euripides, the great playwrights; Hippocrates, Father of Medicine; Socrates, Plato, and Aristotle, the greatest names in philosophy; and Herodotus, called the Father of History. We'll hold morning classes, then we?ll visit the Parthenon and the Temple of Athena Nike.
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According to mythology, Mykonos was where Heracles killed the giants. The rocks around the island are supposedly their corpses! The harbor esplanade is lined with open-air cafes where you may be visited by one of the pelicans who are the island''s mascots; visit the famed windmills, or travel to the little island of Delos, with ruins to rival Delphi and Olympia. Read more about Mykonos Island.
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Last update : 31-07-2008 06:10
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