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Saturday, May 13, 2017 10:09:44 AM
Tony Caldaro: Market Weekend Update
* May 13, 2017
SHORT TERM
The current SPX uptrend, which we are counting as Minor wave 5, has so far progressed in three short term waves. If the SPX turns down from here, and breaks through SPX 2361, then it is not Minor 5, but only a B wave of Minor 4. Then SPX 2300+ should provide support for the rest of Minor 4.
If the uptrend is Minor 5, as we suspect, then the SPX has at least one more wave up, if not more, to new highs. The uptrend can be counted as four waves so far: 2361-2345-2404-2382?, with a 5th wave to follow. Short term support is at the 2385 pivot and SPX 2361, with resistance at the 2411 and 2428 pivots. Short term momentum ended the week at neutral. Best to your trading!
FOREIGN MARKETS
Asian markets were mostly higher on the week for a net gain of 1.2%.
European markets were mostly higher and gained 0.2%.
The DJ World index gained 0.1%, and the NYSE lost 0.6%.
COMMODITIES
Bonds are in a downtrend but gained 0.2%.
Crude is in a downtrend but gained 3.5%.
Gold is in a downtrend too but gained 0.1%.
The USD is also in a downtrend but gained 1.0%.
https://caldaro.wordpress.com/2017/05/13/weekend-update-604/
• DiscoverGold
Click on "In reply to", for Authors past commentaries
* May 13, 2017
SHORT TERM
The current SPX uptrend, which we are counting as Minor wave 5, has so far progressed in three short term waves. If the SPX turns down from here, and breaks through SPX 2361, then it is not Minor 5, but only a B wave of Minor 4. Then SPX 2300+ should provide support for the rest of Minor 4.
If the uptrend is Minor 5, as we suspect, then the SPX has at least one more wave up, if not more, to new highs. The uptrend can be counted as four waves so far: 2361-2345-2404-2382?, with a 5th wave to follow. Short term support is at the 2385 pivot and SPX 2361, with resistance at the 2411 and 2428 pivots. Short term momentum ended the week at neutral. Best to your trading!
FOREIGN MARKETS
Asian markets were mostly higher on the week for a net gain of 1.2%.
European markets were mostly higher and gained 0.2%.
The DJ World index gained 0.1%, and the NYSE lost 0.6%.
COMMODITIES
Bonds are in a downtrend but gained 0.2%.
Crude is in a downtrend but gained 3.5%.
Gold is in a downtrend too but gained 0.1%.
The USD is also in a downtrend but gained 1.0%.
https://caldaro.wordpress.com/2017/05/13/weekend-update-604/
• 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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