| Followers | 679 |
| Posts | 140863 |
| Boards Moderated | 36 |
| Alias Born | 03/10/2004 |
Sunday, September 10, 2017 4:49:47 PM
Market Weekend Update - SHORT TERM
By: Tony Caldaro | September 9, 2017
As an alternate to the above conservative count we display on the hourly chart a more bullish count. This is the reason for the inflection point. This more bullish count still maintains the Minor waves 3 and 4 in Mar/Apr. But the SPX 2454 high only ends Minute wave i of Minor 5, and not all of Int. iii as above. The correction to SPX 2406/2408 in July ends Minute ii, and Minute iii is currently underway. This count seems to be a reach at times, but nothing has occurred yet to invalidate it. We are, however, seeing a potential repetitive pattern emerging.
Reviewing the Minor 4 correction you will observe a large a-b-c down, a smaller a-b-c up, then a gradual grind down into the final Minor 4 low in April. The recent activity from the SPX 2491 high in July looks quite similar. A large a-b-c down, then a smaller a-b-c up, followed by sort of a grinding down decline from SPX 2480. Clearly the market can fit either of these scenarios. With SPX 2400 the expected maximum downside and upside unlimited, the risk/reward continues to look favorable. Short term support is at the 2456 and 2444 pivots, with resistance at the 2479 and 2525 pivots. Short term momentum ended the week oversold. Best to your trading!
FOREIGN MARKETS
Asian markets were mostly lower on the week for a net loss of 1.0%.
European markets were mostly lower as well for a net loss of 0.3%.
The DJ World index was unchanged on the week, and the NYSE lost 0.3%.
COMMODITIES
Bonds continue to uptrend and gained 0.7% on the week.
Crude remains in a downtrend but gained 0.4%.
Gold remains in an uptrend and gained 1.6%.
The USD has been in a downtrend for many months and lost 1.2%.
NEXT WEEK
Wednesday: the PPI and Budget deficit. Thursday: jobless claims and the CPI. Friday: retail sales, industrial production, the NY FED, business inventories, consumer sentiment and its options expiration Friday.
CHARTS: https://stockcharts.com/public/1269446/tenpp
• 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 9, 2017
As an alternate to the above conservative count we display on the hourly chart a more bullish count. This is the reason for the inflection point. This more bullish count still maintains the Minor waves 3 and 4 in Mar/Apr. But the SPX 2454 high only ends Minute wave i of Minor 5, and not all of Int. iii as above. The correction to SPX 2406/2408 in July ends Minute ii, and Minute iii is currently underway. This count seems to be a reach at times, but nothing has occurred yet to invalidate it. We are, however, seeing a potential repetitive pattern emerging.
Reviewing the Minor 4 correction you will observe a large a-b-c down, a smaller a-b-c up, then a gradual grind down into the final Minor 4 low in April. The recent activity from the SPX 2491 high in July looks quite similar. A large a-b-c down, then a smaller a-b-c up, followed by sort of a grinding down decline from SPX 2480. Clearly the market can fit either of these scenarios. With SPX 2400 the expected maximum downside and upside unlimited, the risk/reward continues to look favorable. Short term support is at the 2456 and 2444 pivots, with resistance at the 2479 and 2525 pivots. Short term momentum ended the week oversold. Best to your trading!
FOREIGN MARKETS
Asian markets were mostly lower on the week for a net loss of 1.0%.
European markets were mostly lower as well for a net loss of 0.3%.
The DJ World index was unchanged on the week, and the NYSE lost 0.3%.
COMMODITIES
Bonds continue to uptrend and gained 0.7% on the week.
Crude remains in a downtrend but gained 0.4%.
Gold remains in an uptrend and gained 1.6%.
The USD has been in a downtrend for many months and lost 1.2%.
NEXT WEEK
Wednesday: the PPI and Budget deficit. Thursday: jobless claims and the CPI. Friday: retail sales, industrial production, the NY FED, business inventories, consumer sentiment and its options expiration Friday.
CHARTS: https://stockcharts.com/public/1269446/tenpp
• 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
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.
