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Saturday, February 04, 2017 9:33:35 AM
Tony Caldaro: Market Weekend Update
* February 4, 2017
SHORT TERM
The five waves up from the SPX 2084 early-November low on both the SPX and DOW counts looks quite clear. The question that is intriguing most is what has transpired since then. Is the market preparing to break out or break down?
The irregular B count in green suggests the rally has probably topped, or soon will top below SPX 2305, before declining in a small c wave to SPX 2234 or lower. The count posted in orange, which looks more like the count posted on the DOW charts, suggests Minute iii is currently underway and has already completed two smaller Micro waves 1 and 2. The five wave advance for Minute i from SPX 2084-2279 was also five Micro waves. SPX 2305 and SPX 2267 are the key levels for both counts. A drop below SPX 2267 and a correction is likely underway. A breakout above SPX 2305 and the uptrend is extending.
Short term support is at the 2286 and 2270 pivots, with resistance at SPX 2301 and the 2321 pivot. Short term momentum ended the week overbought with a slight negative divergence. However, the market needs to decline at least 5 points to put the divergence in play. Best to your trading!
FOREIGN MARKETS
Asian markets were mostly lower on the week for a net loss of 0.8%.
European markets were also mostly lower and lost 0.6%.
The DJ World index gained 0.2%, and the NYSE gained 0.2% as well.
COMMODITIES
Bonds are in an uptrend and gained 0.1% on the week.
Crude appears to be in an uptrend and gained 1.2% on the week.
Gold is in an uptrend as well and gained 2.7% on the week.
The USD is in a downtrend and lost 0.8% on the week.
https://caldaro.wordpress.com/2017/02/04/weekend-update-590/
• DiscoverGold
Click on "In reply to", for Authors past commentaries
* February 4, 2017
SHORT TERM
The five waves up from the SPX 2084 early-November low on both the SPX and DOW counts looks quite clear. The question that is intriguing most is what has transpired since then. Is the market preparing to break out or break down?
The irregular B count in green suggests the rally has probably topped, or soon will top below SPX 2305, before declining in a small c wave to SPX 2234 or lower. The count posted in orange, which looks more like the count posted on the DOW charts, suggests Minute iii is currently underway and has already completed two smaller Micro waves 1 and 2. The five wave advance for Minute i from SPX 2084-2279 was also five Micro waves. SPX 2305 and SPX 2267 are the key levels for both counts. A drop below SPX 2267 and a correction is likely underway. A breakout above SPX 2305 and the uptrend is extending.
Short term support is at the 2286 and 2270 pivots, with resistance at SPX 2301 and the 2321 pivot. Short term momentum ended the week overbought with a slight negative divergence. However, the market needs to decline at least 5 points to put the divergence in play. Best to your trading!
FOREIGN MARKETS
Asian markets were mostly lower on the week for a net loss of 0.8%.
European markets were also mostly lower and lost 0.6%.
The DJ World index gained 0.2%, and the NYSE gained 0.2% as well.
COMMODITIES
Bonds are in an uptrend and gained 0.1% on the week.
Crude appears to be in an uptrend and gained 1.2% on the week.
Gold is in an uptrend as well and gained 2.7% on the week.
The USD is in a downtrend and lost 0.8% on the week.
https://caldaro.wordpress.com/2017/02/04/weekend-update-590/
• 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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