Market Weekend Update - SHORT TERM By: Tony Caldaro | November 4, 2017
As noted above Micro wave 5 of Minute iii has been underway since the SPX 2544 low. Thus far it looks like we have three waves up: 2588-2566-2588. Should the market exceed SPX 2588 next week then Micro 5 is dividing into five Nano waves. Micro waves 1 and 3 divided into 5 and 9 Nano waves respectively. So nothing unusual here for this uptrend.
Should the market drop below SPX 2566, then Micro 5/Minute iii is probably done, and Minute iv is underway. Short term support is at the 2575 pivot and SPX 2566, with resistance at the 2594 and 2632 pivots. Short term momentum ended the week quite overbought. Best to your trading!
FOREIGN MARKETS
Asian markets were mostly higher on the week and gained 0.6%.
European markets were all higher and gained 1.3%.
The DJ World index gained 0.6%, and the NYSE gained 0.1%.
COMMODITIES
Bonds continue to downtrend but gained 0.5%.
Crude remains in an uptrend and gained 3.2%.
Gold is still in a downtrend and lost 0.2%.
The USD remains in an uptrend but lost 0.3%.
NEXT WEEK
Tuesday: consumer credit and a speech from FED chair Yellen. Thursday: weekly jobless claims and wholesale inventories. Friday: consumer sentiment.
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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