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Saturday, November 19, 2016 11:02:34 AM
Tony Caldaro: Weekend Update
* November 19, 2016
SHORT TERM
Early this week we noticed another short term count unfolding, and it has worked out quite well thus far. From the SPX 2084 downtrend low we counted four waves up: 2147-2125-2182-2152, with a fifth wave underway. The fifth wave was counted as follows: 2171-2156-2181-2172-2190. This entire advance, SPX 2084-2190, is only Minute wave i of Minor wave 3. There will be five Minute waves during this Minor 3 uptrend.
Approaching the high, we noted on Thursday, there were negative divergences on the hourly/daily RSI. This typically occurs during a top of some degree. We also noted, due to the configuration of the waves, there was three resistance levels overhead: SPX 2194, SPX 2200 and SPX 2209. Two levels and then the 2212 pivot range. When the rally does end the pullback could take the SPX back to the 2150’s for Minute wave ii. After that Minute iii should kick in to the upside. Short term support is at the 2177 pivot and SPX 2151, with resistance at SPX 2194, SPX 2200 and the 2212 pivot. Short term momentum ended the week under neutral.
FOREIGN MARKETS
Asian markets were mostly lower but ended the week mixed.
European markets were mixed and ended with a 0.3% loss.
The DJ World index ended the week -0.2%.
COMMODITIES
Bonds continue their downtrend and lost 1.2%.
Crude appears to be uptrending again and gained 6.8%.
Gold continues its downtrend and lost 1.3%.
The USD reached 13 year highs while gaining 2.4% on the week.
https://caldaro.wordpress.com/2016/11/19/weekend-update-579/
• DiscoverGold
Click on "In reply to", for Authors past commentaries
* November 19, 2016
SHORT TERM
Early this week we noticed another short term count unfolding, and it has worked out quite well thus far. From the SPX 2084 downtrend low we counted four waves up: 2147-2125-2182-2152, with a fifth wave underway. The fifth wave was counted as follows: 2171-2156-2181-2172-2190. This entire advance, SPX 2084-2190, is only Minute wave i of Minor wave 3. There will be five Minute waves during this Minor 3 uptrend.
Approaching the high, we noted on Thursday, there were negative divergences on the hourly/daily RSI. This typically occurs during a top of some degree. We also noted, due to the configuration of the waves, there was three resistance levels overhead: SPX 2194, SPX 2200 and SPX 2209. Two levels and then the 2212 pivot range. When the rally does end the pullback could take the SPX back to the 2150’s for Minute wave ii. After that Minute iii should kick in to the upside. Short term support is at the 2177 pivot and SPX 2151, with resistance at SPX 2194, SPX 2200 and the 2212 pivot. Short term momentum ended the week under neutral.
FOREIGN MARKETS
Asian markets were mostly lower but ended the week mixed.
European markets were mixed and ended with a 0.3% loss.
The DJ World index ended the week -0.2%.
COMMODITIES
Bonds continue their downtrend and lost 1.2%.
Crude appears to be uptrending again and gained 6.8%.
Gold continues its downtrend and lost 1.3%.
The USD reached 13 year highs while gaining 2.4% on the week.
https://caldaro.wordpress.com/2016/11/19/weekend-update-579/
• 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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