THE ELLIOTT DAILY MARKET COMMENTARY

We have confirmed our down signal and moved to below last March lows as the MAP pattern suggested in our commentary from Thursday.
Today we show many buy pattern signals for the markets to bounce today with a likely positive close for most if not all the indexes.
DJ-30 closed Friday in a Snap back down formation move at the close on the hourly. We should complete that pattern then look for a up move for the daily close.
11,409 and 11,472 are other resistance rally levels.
QQQQ is ready to move over the 15 minute 50 a cap for Friday's close. 46.01 is our next resistance.
SP-500 1287 and 1298 for the upside resistance.

I am back from my vacation and will do a live chart and chat show at 4:15 PM today for TCNET users, will be archived on Chartsandchat.com within an hour of closing the show.





TODAY'S MARKET, Tuesday
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.


GOVERNMENT REPORTS


Jul 1 12:00 AM Auto Sales Jun - NA NA 5.3M -
Jul 1 12:00 AM Truck Sales Jun - NA NA 5.1M -
Jul 1 10:00 AM Construction Spending May - -0.5% -0.6% -0.4% -
Jul 1 10:00 AM ISM Index Jun - 49.6 NA 49.6 -
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 : 01-07-2008 06:11

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