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Saturday, September 17, 2016 8:48:40 AM
Tony Caldaro: Weekend Update
* September 17, 2016
SHORT TERM
As you probably noticed by now the daily chart above, and the hourly chart below have been updated with the main count we have been carrying on the DOW charts. Remember, this is the main count, the Primary B scenario is an alternate count, and the Primary V scenario has been left to the NYSE alone. And is not a US stock index count.
After the SPX 2120 low the market rallied to 2151, then pulled back to 2131. This could be counted as the first two waves off the downtrend low. As long as the OEW 2131 pivot range (2124-2138) holds for support a new uptrend should be underway. Any break below this range would obviously challenge the OEW 2116 pivot range, and a reassessment would be required. Short term support is at the 2131 and 2116 pivots, with resistance at the 2177 pivot and SPX 2194. Short term momentum ended the week at neutral. Best to your trading!
FOREIGN MARKETS
Asian markets were all lower for a net loss of 1.8%.
European markets were all lower for a net loss of 3.0%.
The Commodity group were all lower too for a net loss of 1.9%.
The DJ World index lost 0.95%.
COMMODITIES
Bonds are still downtrending but gained 0.1%.
Crude’s downtrend continues as it lost 6.2%.
Gold is still in a downtrend and lost 1.8%.
The USD may be in an uptrend and gained 0.8%.
https://caldaro.wordpress.com/2016/09/17/weekend-update-570/
• DiscoverGold
Click on "In reply to", for Authors past commentaries.
* September 17, 2016
SHORT TERM
As you probably noticed by now the daily chart above, and the hourly chart below have been updated with the main count we have been carrying on the DOW charts. Remember, this is the main count, the Primary B scenario is an alternate count, and the Primary V scenario has been left to the NYSE alone. And is not a US stock index count.
After the SPX 2120 low the market rallied to 2151, then pulled back to 2131. This could be counted as the first two waves off the downtrend low. As long as the OEW 2131 pivot range (2124-2138) holds for support a new uptrend should be underway. Any break below this range would obviously challenge the OEW 2116 pivot range, and a reassessment would be required. Short term support is at the 2131 and 2116 pivots, with resistance at the 2177 pivot and SPX 2194. Short term momentum ended the week at neutral. Best to your trading!
FOREIGN MARKETS
Asian markets were all lower for a net loss of 1.8%.
European markets were all lower for a net loss of 3.0%.
The Commodity group were all lower too for a net loss of 1.9%.
The DJ World index lost 0.95%.
COMMODITIES
Bonds are still downtrending but gained 0.1%.
Crude’s downtrend continues as it lost 6.2%.
Gold is still in a downtrend and lost 1.8%.
The USD may be in an uptrend and gained 0.8%.
https://caldaro.wordpress.com/2016/09/17/weekend-update-570/
• DiscoverGold
Click on "In reply to", for Authors past commentaries.
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
• DiscoverGold
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