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Saturday, December 03, 2016 10:05:33 AM
Tony Caldaro: Weekend Update
* December 3, 2016
SHORT TERM
Thus far this uptrend has advanced from one pivot (2085) to another pivot (2212) to end its first wave up. And now appears it should find support for its second wave at another pivot (2177). If trading could only be that simple. We counted 27 small waves on the way up from SPX 2084-2214. Difficult to label as noted last weekend. For the Minute ii wave pullback we see support at SPX 2184 (0.236 retrace), SPX 2177 (OEW pivot) and SPX 2164 (0.382 retrace).
However with Sunday’s Italian referendum anything is likely to occur heading into Monday’s open. Short term support is at the 2177 and 2131 pivots, with resistance at the 2212 and 2270 pivots. Short term momentum ended the week just above oversold, with the possibility of making a positive divergence with a slightly lower (2187) print. Best to your trading!
FOREIGN MARKETS
Asian markets were mostly lower but ended mixed.
European markets were also mostly lower and lost 0.3%.
The DJ World index lost 0.5%.
COMMODITIES
Bonds continue to downtrend and lost 0.1% on the week.
Crude surged 12.2% and confirmed the uptrend.
Gold continues to downtrend and lost 0.1%.
The USD remains in an uptrend but lost 0.8%.
https://caldaro.wordpress.com/2016/12/03/weekend-update-581/
• DiscoverGold
Click on "In reply to", for Authors past commentaries
* December 3, 2016
SHORT TERM
Thus far this uptrend has advanced from one pivot (2085) to another pivot (2212) to end its first wave up. And now appears it should find support for its second wave at another pivot (2177). If trading could only be that simple. We counted 27 small waves on the way up from SPX 2084-2214. Difficult to label as noted last weekend. For the Minute ii wave pullback we see support at SPX 2184 (0.236 retrace), SPX 2177 (OEW pivot) and SPX 2164 (0.382 retrace).
However with Sunday’s Italian referendum anything is likely to occur heading into Monday’s open. Short term support is at the 2177 and 2131 pivots, with resistance at the 2212 and 2270 pivots. Short term momentum ended the week just above oversold, with the possibility of making a positive divergence with a slightly lower (2187) print. Best to your trading!
FOREIGN MARKETS
Asian markets were mostly lower but ended mixed.
European markets were also mostly lower and lost 0.3%.
The DJ World index lost 0.5%.
COMMODITIES
Bonds continue to downtrend and lost 0.1% on the week.
Crude surged 12.2% and confirmed the uptrend.
Gold continues to downtrend and lost 0.1%.
The USD remains in an uptrend but lost 0.8%.
https://caldaro.wordpress.com/2016/12/03/weekend-update-581/
• 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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