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Tony Caldaro: Market Weekend Update

* March 11, 2017

SHORT TERM

Minute wave iii is dividing into five Micro waves, just like Minute wave i. Due to the length of this uptrend, Microwave 3 is dividing into five Nano waves. With the thrust of this entire uptrend occurring recently during Nano wave iii. As you can observe in the chart below Micro waves 1-2 have completed, along with Nano waves i-ii-iii and likely iv at Thursday’s SPX 2355 low. This count suggests the market could become a bit volatile as Nano v completes Micro 3 at new highs, Micro 5 completes Minute iii at new highs, and finally Minute v completes the Minor 3 uptrend at new highs.



The DOW count, which can be found using the chart link below, suggests the market just completed Micro wave 3 at the March 1st high. It does not have the Nano wave subdivisions. And Microwave 4 likely bottomed at Thursday’s lows. This count suggests the next series of new highs will complete Minute iii. Then after a Minute iv pullback, Minute v would complete the Minor 3 uptrend. We will continue to keep an eye on both counts as this uptrend unfolds. Short term support is at SPX 2353/55 and the 2336 pivot, with resistance at the 2385 pivot and SPX 2401. Short term momentum ended the week above neutral. Best to your trading on options expiration week.

FOREIGN MARKETS

Asian markets were mostly higher and gained 0.3% on the week.

European markets were mixed and gained 0.2%.

The DJ World index lost 0.4%, and the NYSE lost 0.8% on the week.

COMMODITIES

Bonds are in a downtrend and lost 0.5% on the week.

Crude is also in a downtrend and lost 9.1%.

Gold is in a downtrend too and lost 2.1%.

The USD is in an uptrend but lost 0.5%.

https://caldaro.wordpress.com/2017/03/11/weekend-update-595/

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