Abet Chichi2

[DiscoverGold]

Tony Caldaro: Weekend Update

* November 26, 2016

SHORT TERM

The advance from the SPX 2084 downtrend low to Friday’s SPX 2213 uptrend high has been a bit difficult to count. Just when the market looks like it’s ready for a significant pullback, the dips are bought and the rally extends. We initially started counting the waves from the absolute low at SPX 2084, shifted to the secondary low at 2085, and now are back to the absolute low again. Thus far we can count 27 small waves from that low, obviously making it difficult to track.



The only significant pullback that has occurred since the SPX 2084 low, occurred within one hour’s time on November 10th when the SPX dropped from 2182-2151. There were two other pullbacks of 20+ points, one before and one after the 10th. Other than that the pullbacks have been generally quite small. Rather than put some labels on all these waves we will just wait until the market provides a meaningful pullback to signal the second of five waves. Currently this would require a drop into the 2177 pivot range again, from current or higher levels. Other than that the uptrend continues, with the SPX 2380’s as the upside target. Short term support is at the 2177 and 2131 pivots, with resistance at the 2270 pivot. Short term momentum ended the week extremely overbought. The most overbought since the uptrend began. Best to your trading!

FOREIGN MARKETS

Asian markets were all higher and gained 1.6%.

European markets were mostly higher and gained 0.7%.

The DJ World index rose 1.3%.

COMMODITIES

Bonds continue to downtrend and lost 0.2% on the week.

Crude is trying to uptrend but lost 0.7%.

Gold continues to downtrend and lost 2.5%.

The USD remains in an uptrend and gained 0.3%

https://caldaro.wordpress.com/2016/11/26/weekend-update-580/

• DiscoverGold

Click on "In reply to", for Authors past commentaries