THE ELLIOTT DAILY MARKET COMMENTARY
Last, Thursday's Market commentary
Yesterday
we missed the lows of the Russell and the SP-500 by 2 ticks, with the
DJ falling below our hourly SMA support by 30 points before bouncing up
and closing on the daily 20 SMA. All indexes closed lower per the
technical indicators from Tuesday.
Today, Thursday, we have daily signals for the markets to rally and close positive.
The DJ-30 needs 100+points to retest the daily 50 SMA. While the Sp-500 only needs about 6 points to attain the Daily 50 SMA.
Technical up signals are across the broad spectrum of internal measures that we use to search for our daily direction.
The several Volatility indicators, VIX, VXD, VXN, and VXO, are all signaling down, a sign of a up move tomorrow by the close.
Look for any weakness and lows in the morning moves followed by a positive close in the afternoon.
The
Hourly DJ is giving a Snap back down signal into the close with the
potential of testing Wednesday's lows first before hitting the daily 50
SMA.
#1 MOBO breakout List yesterday FUQI 8.9%
Gold bounces $23 from our Tuesday Long call
This
market bottom call we have made this past July 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.
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, THURSDAY, August 14, 2008.
Last Thursday was one of our most accurate market calls with a morning low and afternoon high target. And Friday was a continuation of the up move from Thursday.
Today, Monday, August 18, is showing technical sell signals for the Indexes. Both the Index and their internals are showing sell signals.
Look for the DJ to go back down and retest the 50 SMA tomorrow, for the first support, followed by 11,524 as the next support under that Daily 50.
I am still up in the Pacific N. W. and will be checking into the markets regularly during the day.
This
market bottom call we have made this past July 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.
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Last update : 17-08-2008 23:11
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