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Saturday, August 26, 2017 9:25:30 PM
Market Weekend Update - SHORT TERM
By Tony Caldaro | August 26, 2017
Since corrections are often filled with gap openings, we do not find the seven gap openings since the recent SPX 2491 high thirteen days ago all that unusual. Corrective patterns may appear erratic short term, great for day traders, but when filtered properly one can uncover the larger cleaner pattern. The below is an alternate count and will not be discussed.
As noted previously we have filtered the noise and presented the simpler pattern for both the completed Minor a and incomplete Minor c. We have also observed some symmetry in the Minor a decline. The first three waves down from SPX 2454 bottomed at 2419: 35 points. The last three waves down from SPX 2443 bottomed at 2408: also 35 points. In other words Minute a and Minute c were exactly equal.
Thus far for Minor c we have the first three waves down from the SPX 2491 high bottoming at 2417: 74 points. Now we have a three wave rally up to SPX 2454 thus far. This comparison suggests, when Minute c does get underway the decline may equal 74 points or a Fibonacci 0.618 relationship to that number. The low is naturally relative to where the current three waves rally ends. Short term support is at the 2428 and 2411 pivots, with resistance at the 2444 and 2456 pivots. Short term momentum ended the week around neutral. Best to your trading!
FOREIGN INDICES
Asian markets were mostly higher on the week for a net gain of 0.9%.
European markets were mixed for a net gain of 0.1%.
The DJ World index gained 1.0%, and the NYSE gained 1.0%.
COMMODITIES
Bonds remain in an uptrend and gained 0.1%.
Crude appears to be in another downtrend and lost 1.6%.
Gold is still in an uptrend and gained 0.5%.
The USD definitely looks to be in its first bear market since 2011, and all other currencies should rise against it in their own bull markets. Reversals in long term trends like this typically last about 5 years. The USD remains in a downtrend and lost 0.7% on the week.
NEXT WEEK
Tuesday: consumer confidence and Case-Shiller. Wednesday: Q2 GDP (est. 2.8%) and the ADP. Thursday: jobless claims, personal income/spending, the CPI, pending homes sales, and the Chicago PMI. Friday: monthly payrolls (est. 180k), ISM , construction spending, consumer sentiment, and auto sales. Best to your weekend and week!
CHARTS: https://stockcharts.com/public/1269446/tenpp
https://caldaro.wordpress.com/2017/08/26/weekend-update-619/
• DiscoverGold
Click on "In reply to", for Authors past commentaries
*** For Market Direction and Trends visit our board:
https://investorshub.advfn.com/Market-Direction-and-Trends-26249/
By Tony Caldaro | August 26, 2017
Since corrections are often filled with gap openings, we do not find the seven gap openings since the recent SPX 2491 high thirteen days ago all that unusual. Corrective patterns may appear erratic short term, great for day traders, but when filtered properly one can uncover the larger cleaner pattern. The below is an alternate count and will not be discussed.
As noted previously we have filtered the noise and presented the simpler pattern for both the completed Minor a and incomplete Minor c. We have also observed some symmetry in the Minor a decline. The first three waves down from SPX 2454 bottomed at 2419: 35 points. The last three waves down from SPX 2443 bottomed at 2408: also 35 points. In other words Minute a and Minute c were exactly equal.
Thus far for Minor c we have the first three waves down from the SPX 2491 high bottoming at 2417: 74 points. Now we have a three wave rally up to SPX 2454 thus far. This comparison suggests, when Minute c does get underway the decline may equal 74 points or a Fibonacci 0.618 relationship to that number. The low is naturally relative to where the current three waves rally ends. Short term support is at the 2428 and 2411 pivots, with resistance at the 2444 and 2456 pivots. Short term momentum ended the week around neutral. Best to your trading!
FOREIGN INDICES
Asian markets were mostly higher on the week for a net gain of 0.9%.
European markets were mixed for a net gain of 0.1%.
The DJ World index gained 1.0%, and the NYSE gained 1.0%.
COMMODITIES
Bonds remain in an uptrend and gained 0.1%.
Crude appears to be in another downtrend and lost 1.6%.
Gold is still in an uptrend and gained 0.5%.
The USD definitely looks to be in its first bear market since 2011, and all other currencies should rise against it in their own bull markets. Reversals in long term trends like this typically last about 5 years. The USD remains in a downtrend and lost 0.7% on the week.
NEXT WEEK
Tuesday: consumer confidence and Case-Shiller. Wednesday: Q2 GDP (est. 2.8%) and the ADP. Thursday: jobless claims, personal income/spending, the CPI, pending homes sales, and the Chicago PMI. Friday: monthly payrolls (est. 180k), ISM , construction spending, consumer sentiment, and auto sales. Best to your weekend and week!
CHARTS: https://stockcharts.com/public/1269446/tenpp
https://caldaro.wordpress.com/2017/08/26/weekend-update-619/
• DiscoverGold
Click on "In reply to", for Authors past commentaries
*** For Market Direction and Trends visit our board:
https://investorshub.advfn.com/Market-Direction-and-Trends-26249/
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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