| Followers | 679 |
| Posts | 140711 |
| Boards Moderated | 37 |
| Alias Born | 03/10/2004 |
Saturday, May 20, 2017 9:01:52 AM
Tony Caldaro: Market Weekend Update
* May 20, 2017
SHORT TERM
With the five waves up completed at SPX 2406 this week, the market declined about 61.8% of that advance to SPX 2353 on Thursday. Then the market started to rebound. If the five waves up and subsequent decline were only Minute waves i and ii of Minor 5, then the DOW should start rallying/outperforming on its way to new highs. If it doesn’t, SPX 2406 could be the high of Minor 5/Intermediate iii, leading to a 5% to 6% decline for Intermediate wave iv downtrend that follows.
If the market does rollover into a downtrend. Then support for the SPX should appear around the OEW 2270 pivot, and around 5800 in the NAZ. Daily and weekly RSI/MACD indicators are displaying negative divergences at the recent highs, supporting the potential upcoming downtrend scenario. Short term support is at SPX 2353 and the 2336 pivot, with resistance at the 2385 and 2411 pivots. Short term momentum ended the week declining from overbought. Best to your trading!
FOREIGN MARKETS
Asian markets were mixed and lost 0.6%.
European markets were mostly lower and lost 0.6%.
The DJ World index gained 0.1%, and the NYSE was flat.
COMMODITIES
Bonds are trying to uptrend and gained 0.6%.
Crude is trying to uptrend and gained 5.9%.
Gold is also trying to uptrend and gained 2.1%.
The USD remains in a downtrend and lost 1.4%.
https://caldaro.wordpress.com/2017/05/20/weekend-update-605/
• DiscoverGold
Click on "In reply to", for Authors past commentaries
* May 20, 2017
SHORT TERM
With the five waves up completed at SPX 2406 this week, the market declined about 61.8% of that advance to SPX 2353 on Thursday. Then the market started to rebound. If the five waves up and subsequent decline were only Minute waves i and ii of Minor 5, then the DOW should start rallying/outperforming on its way to new highs. If it doesn’t, SPX 2406 could be the high of Minor 5/Intermediate iii, leading to a 5% to 6% decline for Intermediate wave iv downtrend that follows.
If the market does rollover into a downtrend. Then support for the SPX should appear around the OEW 2270 pivot, and around 5800 in the NAZ. Daily and weekly RSI/MACD indicators are displaying negative divergences at the recent highs, supporting the potential upcoming downtrend scenario. Short term support is at SPX 2353 and the 2336 pivot, with resistance at the 2385 and 2411 pivots. Short term momentum ended the week declining from overbought. Best to your trading!
FOREIGN MARKETS
Asian markets were mixed and lost 0.6%.
European markets were mostly lower and lost 0.6%.
The DJ World index gained 0.1%, and the NYSE was flat.
COMMODITIES
Bonds are trying to uptrend and gained 0.6%.
Crude is trying to uptrend and gained 5.9%.
Gold is also trying to uptrend and gained 2.1%.
The USD remains in a downtrend and lost 1.4%.
https://caldaro.wordpress.com/2017/05/20/weekend-update-605/
• 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
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
