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Saturday, June 03, 2017 10:06:57 AM
Tony Caldaro: Market Weekend Update
* June 3, 2017
SHORT TERM
On the hourly chart we labeled five Micro waves (orange) during Minute wave i. These Micro waves were the subdivisions of the larger timeframe we use to track the short term waves. Since there have not been any subdivisions during Minute iii, on this timeframe, we have not offered any labeling yet.
We did note earlier, however, there has been one subdivision (three waves) on the shortest timeframe, and we tracking that for now. Applying this subdivision we have: wave one (2353-2419), a wave two pullback, then wave three underway (2404-2440). The third wave will equal the first wave at SPX 2470. Short term support is at the 2428 and 2411 pivots, with resistance at the 2444 and 2479 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 0.8%.
Europe was quite mixed and gained 0.1%.
The DJ World index gained 1.1%, and the NYSE gained 0.8%.
COMMODITIES
Bonds confirmed an uptrend and gained 0.6%.
Crude remains in a downtrend and lost 4.3%.
Gold confirmed an uptrend and gained 1.0%.
The USD remains in a downtrend and lost 0.7%.
https://caldaro.wordpress.com/2017/06/03/weekend-update-607/
• DiscoverGold
Click on "In reply to", for Authors past commentaries
* June 3, 2017
SHORT TERM
On the hourly chart we labeled five Micro waves (orange) during Minute wave i. These Micro waves were the subdivisions of the larger timeframe we use to track the short term waves. Since there have not been any subdivisions during Minute iii, on this timeframe, we have not offered any labeling yet.
We did note earlier, however, there has been one subdivision (three waves) on the shortest timeframe, and we tracking that for now. Applying this subdivision we have: wave one (2353-2419), a wave two pullback, then wave three underway (2404-2440). The third wave will equal the first wave at SPX 2470. Short term support is at the 2428 and 2411 pivots, with resistance at the 2444 and 2479 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 0.8%.
Europe was quite mixed and gained 0.1%.
The DJ World index gained 1.1%, and the NYSE gained 0.8%.
COMMODITIES
Bonds confirmed an uptrend and gained 0.6%.
Crude remains in a downtrend and lost 4.3%.
Gold confirmed an uptrend and gained 1.0%.
The USD remains in a downtrend and lost 0.7%.
https://caldaro.wordpress.com/2017/06/03/weekend-update-607/
• 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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