Good afternoon Elliott wave fans. I’m Dana Weeks with Market Minute for Friday, May 17th.

Stocks sold off hard this morning on the highest intraday TRIN reading in over five months. A rally attempt failed, and stocks closed broadly lower. The metals were down again, while bonds and the US dollar rallied.

The Dow Jones Industrial Average closed down 98 points at 25,764.

The S&P 500 closed at 2859, down 16 points.

The NASDAQ Composite closed at 7816, down 81 points.

745 stocks closed up while 2,116 closed down. TRIN was .05.

E-mini S&P futures topped out at 2887.50, had a low of 2852.50, and closed at 2862. E-mini Nasdaq futures hit a high of 7620, a low of 7506.50, and closed at 7511.50.

T-bond futures were up 8 tics in late trading at 149-22.

The US Dollar index was up slightly, trading at 98.0.

Gold was down 8.40 at 1277.80, and Silver was down 13 cents at 1441 in late trading.

The S&P 500 Index completed a recognizable Elliott wave structure on Monday and Thursday. Are you curious to know what this means? You should be! Check out Steve Hochberg’s just posted Short Term Update.