Market Weekend Update - SHORT TERM By: Tony Caldaro | December 2, 2017
The short term count heading into last week was three waves up from the SPX 2557 low: 2590-2578-2604 thus far. This week the SPX rallied to 2635, pulled back to 2620 on Wednesday, and then rose to 2658 on Thursday. Five waves? It’s possible. That Wednesday pullback, however, did not quantify as a wave. Quantified waves suggest: 2590-2578-2658-2606-2642 thus far. Another new high to complete five? Regardless of the outcome the possibility of an Int. iii top has occurred.
Short term support is at the 2632 pivot and SPX 2606, with resistance at the 2646 and 2656 pivots. Short term momentum ended the week around neutral.
FOREIGN MARKETS
Asian markets were mixed and lost 0.9%.
European markets were mostly lower and lost 1.0%.
The DJ World index gained 0.2%, and the NYSE gained 1.6%.
COMMODITIES
Bonds are in an uptrend but lost 0.2% on the week.
Crude is also in an uptrend and lost -1.0%.
Gold remains in a downtrend and lost 0.4%.
The USD is in a downtrend but gained 0.1%.
NEXT WEEK
Monday: factory orders at 10am. Tuesday: ISM services. Wednesday: the ADP. Thursday: jobless claims and consumer credit. Friday: monthly payrolls (est. +195k), consumer sentiment and wholesale inventories.
FOOTNOTE
While posting this daily blog for over 12 years, I was proud of rarely missing a post and having only one period (4-days) without a post. This year, however, some medical complications have arisen. Not getting any younger. Hopefully things will settle down in the weeks/months ahead. In the meantime, don’t be surprised if I miss a few more posts every now and then. Thank you all for your concern and well wishes.
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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