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Saturday, August 19, 2017 10:14:24 AM
::: Market Weekend Update - SHORT TERM
By Tony Caldaro | August 19, 2017
The hourly chart illustrates our alternate count, since we still have not been able to totally eliminate this subdivision count. We will not spend much time on it as it is an alternate. What is more interesting is the symmetry for this irregular Int. wave iv. Minor A declined 48 points: 2454-2406. Minor B stretched a bit beyond the 1.618 relationship, with a false breakout, as it rallied 85 points: 2406-2491.
The first decline from the all-time high was 53 points: 2491-2438. Then after a 37 point counter rally: 2438-2475, the market declined 54 points into Friday’s low: 2475-2421. Notice Minor A, and the two declines of Minor C were all about the same size: 48, 53, and 54 points. These last two declines both occurred in a matter of just two days. If you review the NDX/NAZ chart you will observe several steep 2-day declines occurring nearly every month. This appears to be a characteristic of this bull market: quick shake outs.
Should the market continue Friday’s rebound I would expect it to run out of upside momentum in the 2444 – 2456 pivot area. This appears to be the fulcrum for positive/negative trader sentiment. This would also represent another 30+ point rally. Then another 50 point decline could setup the SPX for the downtrend low around 2400.
FOREIGN MARKETS
Despite the negative activity in the US this week, only three of the foreign markets we track were actually negative.
Asian markets were mostly higher for a net gain of 0.4%.
European markets were mostly higher for a gain of 1.0%.
The DJ World index lost 0.2%, and the NYSE lost 0.5%.
COMMODITIES
Bonds continue to uptrend but ended the week flat.
Crude is still in an uptrend but lost 0.3% on the week.
Gold has an uptrend to but lost 0.2%.
The USD remain in a downtrend but gained 0.4%.
NEXT WEEK
Wednesday: new home sales. Thursday: weekly jobless claims and existing home sales. Friday: durable goods orders and a Jackson Hole speech from FED chair Yellen.
CHARTS: https://stockcharts.com/public/1269446/tenpp
https://caldaro.wordpress.com/2017/08/19/weekend-update-618/
• DiscoverGold
Click on "In reply to", for Authors past commentaries
*** For Market Direction and Trends visit our board:
https://investorshub.advfn.com/Market-Direction-and-Trends-26249/
By Tony Caldaro | August 19, 2017
The hourly chart illustrates our alternate count, since we still have not been able to totally eliminate this subdivision count. We will not spend much time on it as it is an alternate. What is more interesting is the symmetry for this irregular Int. wave iv. Minor A declined 48 points: 2454-2406. Minor B stretched a bit beyond the 1.618 relationship, with a false breakout, as it rallied 85 points: 2406-2491.
The first decline from the all-time high was 53 points: 2491-2438. Then after a 37 point counter rally: 2438-2475, the market declined 54 points into Friday’s low: 2475-2421. Notice Minor A, and the two declines of Minor C were all about the same size: 48, 53, and 54 points. These last two declines both occurred in a matter of just two days. If you review the NDX/NAZ chart you will observe several steep 2-day declines occurring nearly every month. This appears to be a characteristic of this bull market: quick shake outs.
Should the market continue Friday’s rebound I would expect it to run out of upside momentum in the 2444 – 2456 pivot area. This appears to be the fulcrum for positive/negative trader sentiment. This would also represent another 30+ point rally. Then another 50 point decline could setup the SPX for the downtrend low around 2400.
FOREIGN MARKETS
Despite the negative activity in the US this week, only three of the foreign markets we track were actually negative.
Asian markets were mostly higher for a net gain of 0.4%.
European markets were mostly higher for a gain of 1.0%.
The DJ World index lost 0.2%, and the NYSE lost 0.5%.
COMMODITIES
Bonds continue to uptrend but ended the week flat.
Crude is still in an uptrend but lost 0.3% on the week.
Gold has an uptrend to but lost 0.2%.
The USD remain in a downtrend but gained 0.4%.
NEXT WEEK
Wednesday: new home sales. Thursday: weekly jobless claims and existing home sales. Friday: durable goods orders and a Jackson Hole speech from FED chair Yellen.
CHARTS: https://stockcharts.com/public/1269446/tenpp
https://caldaro.wordpress.com/2017/08/19/weekend-update-618/
• DiscoverGold
Click on "In reply to", for Authors past commentaries
*** For Market Direction and Trends visit our board:
https://investorshub.advfn.com/Market-Direction-and-Trends-26249/
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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