| Followers | 680 |
| Posts | 141194 |
| Boards Moderated | 36 |
| Alias Born | 03/10/2004 |
Saturday, October 15, 2016 11:00:41 AM
Tony Caldaro: Weekend Update
* October 15, 2016
SHORT TERM
As noted above we were tracking the 37-31-69 point pattern made during the SPX 2194-2119 decline. At Thursday’s low from SPX 2180 we observed this pattern potentially end with a 38-33-60. Notice how closely they match. After the low the market rallied 34 points to SPX 2149. Then pulled back 16 points to end the week at SPX 2133. A pullback to SPX 2132 would be a 50% retracement, and SPX 2128 would be a 61.8% retracement. Should the market break the 2131 pivot range (2124-2138), then a retest of the lows is likely.
Since the correction was a tight ranged two month ordeal, it created many concentrated overhead resistance levels that will make it somewhat difficult for a new uptrend to get going. In review we uncovered the following areas: upper 2130’s, mid-2140’s, low 2150’s, mid-2160’s, low 2170’s, 2180, upper 2180’s and 2194.
The first rally off the SPX 2115 low was to 2139, then the market pulled back to 2130. The next rally was to SPX 2149, then the market pulled back to 2133. The advance ran into the first resistance in the upper 2130’s, pulled back, gapped up into the mid-2140’s, ran into resistance just below the low-2150’s, then pulled back again. After this pullback concludes the next resistance level should be the low 2150’s. Then the mid-2160’s and so on, until the market clears SPX 2194. Short term support is at the 2131 and 2116 pivots, with resistance at the above noted areas. Short term momentum hit overbought during the Friday rally, and ended the week just below neutral. Best to your trading!
FOREIGN MARKETS
Asian markets were mostly lower on the week for a net loss of 0.7%.
European markets were mostly higher for a net gain of 0.8%.
The Commodity equity group were mixed and lost 0.3%.
The DJ World index lost 1.3%.
COMMODITIES
Bonds continue to downtrend and lost 0.2%.
Crude continues to uptrend and gained 1.3%.
Gold is downtrending but gained 0.3%.
The USD is uptrending and gained 1.4%.
https://caldaro.wordpress.com/2016/10/15/weekend-update-574/
• DiscoverGold
Click on "In reply to", for Authors past commentaries
* October 15, 2016
SHORT TERM
As noted above we were tracking the 37-31-69 point pattern made during the SPX 2194-2119 decline. At Thursday’s low from SPX 2180 we observed this pattern potentially end with a 38-33-60. Notice how closely they match. After the low the market rallied 34 points to SPX 2149. Then pulled back 16 points to end the week at SPX 2133. A pullback to SPX 2132 would be a 50% retracement, and SPX 2128 would be a 61.8% retracement. Should the market break the 2131 pivot range (2124-2138), then a retest of the lows is likely.
Since the correction was a tight ranged two month ordeal, it created many concentrated overhead resistance levels that will make it somewhat difficult for a new uptrend to get going. In review we uncovered the following areas: upper 2130’s, mid-2140’s, low 2150’s, mid-2160’s, low 2170’s, 2180, upper 2180’s and 2194.
The first rally off the SPX 2115 low was to 2139, then the market pulled back to 2130. The next rally was to SPX 2149, then the market pulled back to 2133. The advance ran into the first resistance in the upper 2130’s, pulled back, gapped up into the mid-2140’s, ran into resistance just below the low-2150’s, then pulled back again. After this pullback concludes the next resistance level should be the low 2150’s. Then the mid-2160’s and so on, until the market clears SPX 2194. Short term support is at the 2131 and 2116 pivots, with resistance at the above noted areas. Short term momentum hit overbought during the Friday rally, and ended the week just below neutral. Best to your trading!
FOREIGN MARKETS
Asian markets were mostly lower on the week for a net loss of 0.7%.
European markets were mostly higher for a net gain of 0.8%.
The Commodity equity group were mixed and lost 0.3%.
The DJ World index lost 1.3%.
COMMODITIES
Bonds continue to downtrend and lost 0.2%.
Crude continues to uptrend and gained 1.3%.
Gold is downtrending but gained 0.3%.
The USD is uptrending and gained 1.4%.
https://caldaro.wordpress.com/2016/10/15/weekend-update-574/
• 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
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
