Market Weekend Update - SHORT TERM By Tony Caldaro | August 12, 2017
We continue to carry the Micro 1-2 scenario on the SPX charts, since it looks quite similar to the Micro 1-2 during the last uptrend. In fact, this Micro 2 is as oversold as the last one. This scenario cannot be ruled out until the SPX confirms a downtrend. It is still in a uptrend.
The decline from SPX 2491 so far is three waves: 2462-2474-2438. Where the first and second decline are nearly equal. Several hourly/daily indicators are oversold, and the market is due for at least a bounce, or to setup a positive hourly divergence. With several unknowns, including option expiration, in the coming week, the market could continue its volatility. Short term support is at the 2428 and 2411 pivots, with resistance at the 2444 and 2456 pivots. Short term momentum ended the week oversold. Best to your trading!
FOREIGN MARKETS
Asian markets were all lower for the week for a net loss of 1.5%.
European stocks were also all lower for loss of 2.9%.
The DJ World index lost 1.6%, and the NYSE lost 1.9%.
COMMODITIES
Bonds continue their uptrend and gained 0.5%.
Crude is still in an uptrend but lost 1.5%.
Gold was safe haven status this week and gained 2.2% during its uptrend.
The USD is still in a downtrend and lost 0.1%.
NEXT WEEK
Tuesday: retail sales, export/import prices, the NAHB, the NY FED, and business inventories. Wednesday: housing starts, building permits and the FOMC minutes. Thursday: jobless claims, the Philly FED, industrial production and leading indicators. Friday: consumer sentiment and options expiration.
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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