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Saturday, February 11, 2017 10:58:39 AM
Tony Caldaro: Market Weekend Update
* February 11, 2017
SHORT TERM
While the first two sections of this week’s report are quite bullish, there is still a price obstacle ahead of this market: SPX 2336. This level represents a 1.618 multiplier of the recent bear market decline SPX: 2135-1810. Once cleared the last potential bearish scenario gets eliminated. This is of long term significance.
There is also a medium term significance. We do have an alternate short term wave count that could end the uptrend between the OEW 2321 and 2336 pivots. As noted earlier, third waves are usually quite strong. However, if these two pivots offer as much resistance as the OEW 2270 and 2286 pivots. Then the resulting choppy activity could end this uptrend in that price zone. Something to watch in the weeks ahead.
Putting those caveats aside. Minute wave iii, as labeled above, should currently be in Micro wave 3 from the recent Micro 2 low at SPX 2257 low. Micro wave 1, also in orange, ended at SPX 2282 from the Minute ii SPX 2234 low. This count suggest a powerful move to the upside. However, if the rally fizzles out between those pivots then a correction of about 5% should follow. Short term support is at the 2286 and 2270 pivots, with resistance at the 2321 and 2336 pivots. Short term momentum ended another negative divergence. Best to your trading!
FOREIGN MARKETS
Asian markets were all higher on the week for a net gain of 1.5%.
European markets were mixed and ended mixed.
The DJ World index gained 0.7%, and the NYSE gained 0.6%.
COMMODITIES
Bonds continue to uptrend and gained 0.4%.
Crude appears to be in an uptrend and gained 0.1%.
Gold remains in an uptrend and gained 1.2%.
The USD is still in a downtrend and but gained 0.9%.
https://caldaro.wordpress.com/2017/02/11/weekend-update-591/
• DiscoverGold
Click on "In reply to", for Authors past commentaries
* February 11, 2017
SHORT TERM
While the first two sections of this week’s report are quite bullish, there is still a price obstacle ahead of this market: SPX 2336. This level represents a 1.618 multiplier of the recent bear market decline SPX: 2135-1810. Once cleared the last potential bearish scenario gets eliminated. This is of long term significance.
There is also a medium term significance. We do have an alternate short term wave count that could end the uptrend between the OEW 2321 and 2336 pivots. As noted earlier, third waves are usually quite strong. However, if these two pivots offer as much resistance as the OEW 2270 and 2286 pivots. Then the resulting choppy activity could end this uptrend in that price zone. Something to watch in the weeks ahead.
Putting those caveats aside. Minute wave iii, as labeled above, should currently be in Micro wave 3 from the recent Micro 2 low at SPX 2257 low. Micro wave 1, also in orange, ended at SPX 2282 from the Minute ii SPX 2234 low. This count suggest a powerful move to the upside. However, if the rally fizzles out between those pivots then a correction of about 5% should follow. Short term support is at the 2286 and 2270 pivots, with resistance at the 2321 and 2336 pivots. Short term momentum ended another negative divergence. Best to your trading!
FOREIGN MARKETS
Asian markets were all higher on the week for a net gain of 1.5%.
European markets were mixed and ended mixed.
The DJ World index gained 0.7%, and the NYSE gained 0.6%.
COMMODITIES
Bonds continue to uptrend and gained 0.4%.
Crude appears to be in an uptrend and gained 0.1%.
Gold remains in an uptrend and gained 1.2%.
The USD is still in a downtrend and but gained 0.9%.
https://caldaro.wordpress.com/2017/02/11/weekend-update-591/
• 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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