~~~ Market Weekend Update By Tony Caldaro | July 1, 2017
SHORT TERM
As noted earlier Minor 5 unfolded in five Minute waves: 2406-2353-2446-2419-2454. On the smallest timeframe we track: Minute i was 9-waves, Minute iii was 5-waves, and Minute v was just 1-wave. This week’s decline dropped below the Minute iv low at SPX 2419, and touched the Minute i high at 2406. This clearly suggests the 5-wave uptrend pattern has completed.
After the SPX 2454 Int. iii high we have observed a decline of overlapping waves on both timeframes: 2431-2450-2419-2443-2406-2433. This is typical correction activity. Notice how the lower highs are creating resistance levels as the decline unfolds. Also of note, the first significant decline found support at the SPX 2419 Minute iv low. The next decline found support at the SPX 2406 Minute i high. Support for the next decline would appear to be the SPX 2353 Minute ii low. Short term support is at the 2411 and 2385 pivots, with resistance at the 2428 and 2444 pivots. Short term momentum ended the week just below neutral.
FOREIGN MARKETS
Asian markets were mostly higher on the week for a gain of 0.2%.
European markets were all lower for a loss of 1.9%.
The DJ World index lost 0.3%, but the NYSE gained 0.2%.
COMMODITIES
Bonds appear to have started a downtrend and lost 1.1% on the week.
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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