The short term count we had been tracking since early-November appeared to be unfolding quite nicely until, and even a few days after, the FED raised rates on March 15th. The market had hit a high at SPX 2401 on March 1st, pulled back to SPX 2355 by March 9th, then rallied to SPX 2390 on March 15th. After that the market pulled back about 20 points by March 20th, then started to rise into the 21st. When news broke that the Ryan healthcare bill was short of votes the market, and the short term pattern, started to breakdown. The market then made a low at SPX 2322 on March 27th. But the rally that followed was clearly corrective. It is clear on the hourly charts the healthcare bill failure helped terminate the uptrend.
Nevertheless the Minor 3 uptrend was the longest in time and price of the three impulsive uptrends in this ongoing bull market. Corrections, thus far, have been quite shallow at about 5+% and between 110 and 130 SPX points. You can do the math from the SPX 2401 high. Short term support is at the 2321 and 2286 pivots, with resistance at 2336 and 2385 pivots. Short term momentum ended the week quite oversold. Best to your trading!
FOREIGN MARKETS
Asian markets were mostly negative and lost 0.3%.
European markets were all negative and lost 2.1%
The DJ World index lost 0.5%, and the NYSE lost 1.1%.
COMMODITIES
Bonds are in an uptrend and gained 1.1%.
Crude appears to be in an uptrend and gained 1.8%.
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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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