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Saturday, June 10, 2017 7:00:55 PM
Tony Caldaro: Market Weekend Update
* June 10, 2017
SHORT TERM
From the Minor wave 4 downtrend low at SPX 2329 in April the market has progressed in three Minute waves up to SPX 2446. The first wave Minute i advanced in 9-waves on our shortest time-frame, and the third advanced in 5-waves on the same timeframe. Plus, wave i was 77 points (2329-2406), and wave iii was longer at 93 points (2353-2446). On Friday, after that SPX 2446 high, the market sold off to SPX 2416 in a matter of hours. This selloff looks like Minute wave iv underway.
During Minute ii the market declined from a SPX 2406 all-time high to 2353 in just two-days. Then Minute iii was underway. This suggests Minute wave iv may end quite quickly as well. Possibly Monday/Tuesday. Then Minute wave v should be underway to new highs. With the Tech sector unlikely to make new highs in the weeks ahead. The Cyclical sector is unlikely to get very far in its Minute wave v. Short term support is at the 2428 and 2411 pivots, with resistance at the 2444 and 2456 pivots. Short term momentum ended the week just below neutral. Trade what’s in front of you!
FOREIGN MARKETS
Asian markets for the week were mixed ending collectively unchanged.
European markets for the week were also mixed ending with a 0.1% loss.
The DJ World index lost 0.5%, while the NYSE gained 0.2%.
COMMODITIES
Bonds remain in an uptrend but lost 0.3%.
Crude remains in a downtrend and lost 3.8%.
Gold is in an uptrend but lost 0.7%.
The USD is in a downtrend but gained 0.2%.
https://caldaro.wordpress.com/2017/06/10/weekend-update-608/
• DiscoverGold
Click on "In reply to", for Authors past commentaries
* June 10, 2017
SHORT TERM
From the Minor wave 4 downtrend low at SPX 2329 in April the market has progressed in three Minute waves up to SPX 2446. The first wave Minute i advanced in 9-waves on our shortest time-frame, and the third advanced in 5-waves on the same timeframe. Plus, wave i was 77 points (2329-2406), and wave iii was longer at 93 points (2353-2446). On Friday, after that SPX 2446 high, the market sold off to SPX 2416 in a matter of hours. This selloff looks like Minute wave iv underway.
During Minute ii the market declined from a SPX 2406 all-time high to 2353 in just two-days. Then Minute iii was underway. This suggests Minute wave iv may end quite quickly as well. Possibly Monday/Tuesday. Then Minute wave v should be underway to new highs. With the Tech sector unlikely to make new highs in the weeks ahead. The Cyclical sector is unlikely to get very far in its Minute wave v. Short term support is at the 2428 and 2411 pivots, with resistance at the 2444 and 2456 pivots. Short term momentum ended the week just below neutral. Trade what’s in front of you!
FOREIGN MARKETS
Asian markets for the week were mixed ending collectively unchanged.
European markets for the week were also mixed ending with a 0.1% loss.
The DJ World index lost 0.5%, while the NYSE gained 0.2%.
COMMODITIES
Bonds remain in an uptrend but lost 0.3%.
Crude remains in a downtrend and lost 3.8%.
Gold is in an uptrend but lost 0.7%.
The USD is in a downtrend but gained 0.2%.
https://caldaro.wordpress.com/2017/06/10/weekend-update-608/
• 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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