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Monday, September 04, 2017 3:44:37 PM
Market Weekend Update - SHORT TERM
By: Tony Caldaro | September 2, 2017
The hourly chart suggests the SPX is in a subdividing Minor wave 5 of Intermediate iii. This count does align with the DOW/NAZ Minor wave 5 counts. Minor 3 topped in early-March at SPX 2401, and Minor 4 bottomed in mid-April at SPX 2328. After that low the SPX rallied to 2454 by mid-June to complete Minute i of Minor 5. Then after an historically small Minute ii correction to SPX 2408 by early-July, a rocky Minute iii was underway.
When reviewing Minute i (2329-2454), we observe a 77-point rally for Micro 1 (2329-2406) and a steep 53-point drop for Micro 2 (2406-2353). Then with an extremely oversold MACD, and positive RSI divergence, Micro wave 3 was underway. From the early-July Minute ii low, we observe a 83-point rally for Micro 1 (2408-2491) and a very steep 74-point drop for Micro 2 (2491-2417). Then again, with an extremely oversold MACD, and positive RSI divergence, it appears Micro wave 3 is underway. With downside risk looking like 3% (SPX 2400), and upside potential unlimited, risk/reward remains favorable long-term. Short term support is at the 2456 and 2444 pivots, with resistance at the 2479 and 2525 pivots. Short term momentum ended the week quite overbought. Best to your trading!
FOREIGN MARKETS
Asian markets were mostly higher for a net gain of 0.7% on the week.
European markets were mostly higher and gained 0.2%.
The DJ World index gained 1.0%, and the NYSE gained 0.9%.
COMMODITIES
Bonds continue to uptrend and gained 0.1% on the week.
Crude remains in a downtrend and lost 1.2% on the week.
Gold is still in an uptrend and gained 2.5% on the week.
The USD remains in a downtrend but gained 0.1% on the week.
NEXT WEEK
Monday: holiday. Tuesday: factory orders at 10am. Wednesday: ISM services and the Beige book. Thursday: weekly jobless claims. Friday: wholesale inventories and consumer credit.
CHARTS: https://stockcharts.com/public/1269446/tenpp
https://caldaro.wordpress.com/2017/09/02/weekend-update-620/
• 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 | September 2, 2017
The hourly chart suggests the SPX is in a subdividing Minor wave 5 of Intermediate iii. This count does align with the DOW/NAZ Minor wave 5 counts. Minor 3 topped in early-March at SPX 2401, and Minor 4 bottomed in mid-April at SPX 2328. After that low the SPX rallied to 2454 by mid-June to complete Minute i of Minor 5. Then after an historically small Minute ii correction to SPX 2408 by early-July, a rocky Minute iii was underway.
When reviewing Minute i (2329-2454), we observe a 77-point rally for Micro 1 (2329-2406) and a steep 53-point drop for Micro 2 (2406-2353). Then with an extremely oversold MACD, and positive RSI divergence, Micro wave 3 was underway. From the early-July Minute ii low, we observe a 83-point rally for Micro 1 (2408-2491) and a very steep 74-point drop for Micro 2 (2491-2417). Then again, with an extremely oversold MACD, and positive RSI divergence, it appears Micro wave 3 is underway. With downside risk looking like 3% (SPX 2400), and upside potential unlimited, risk/reward remains favorable long-term. Short term support is at the 2456 and 2444 pivots, with resistance at the 2479 and 2525 pivots. Short term momentum ended the week quite overbought. Best to your trading!
FOREIGN MARKETS
Asian markets were mostly higher for a net gain of 0.7% on the week.
European markets were mostly higher and gained 0.2%.
The DJ World index gained 1.0%, and the NYSE gained 0.9%.
COMMODITIES
Bonds continue to uptrend and gained 0.1% on the week.
Crude remains in a downtrend and lost 1.2% on the week.
Gold is still in an uptrend and gained 2.5% on the week.
The USD remains in a downtrend but gained 0.1% on the week.
NEXT WEEK
Monday: holiday. Tuesday: factory orders at 10am. Wednesday: ISM services and the Beige book. Thursday: weekly jobless claims. Friday: wholesale inventories and consumer credit.
CHARTS: https://stockcharts.com/public/1269446/tenpp
https://caldaro.wordpress.com/2017/09/02/weekend-update-620/
• 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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