Market Weekend Update - SHORT TERM By: Tony Caldaro | September 16, 2017
Micro wave 3, which we think will reach the 2525 pivot range before a Micro 4 pullback, continues to work its way higher. The count we have been tracking for the sub-waves of Micro 3 remains unchanged: (1) 2455, (2) 2428, (3) 2480-2447-2500 so far. At Friday’s close the third wave of (3) is now longer than the first (53 v 52), setting up for a potential 10+ point pullback to occur at any time.
Short term support is at the 2479 and 2456 pivots, with resistance at the 2525 pivot. Short term momentum ended the week slightly overbought. Best to your trading!
FOREIGN MARKETS
Asian markets were mostly higher for a net gained of 0.8%.
European markets were also mostly higher and gained 0.9%.
The DJ World index gained 1.1%, and the NYSE gained 1.6%.
COMMODITIES
Bonds looks like they have rolled over into a downtrend losing 1.9% on the week.
Crude is uptrending again, gaining 5.1% on the week.
Gold is still in an uptrend but lost 1.9%.
The USD remains in a prolonged downtrend but gained 0.4%.
NEXT WEEK
Monday: the NAHB at 10am. Tuesday: housing starts, building permits and import prices. Wednesday: existing home sales, and the FOMC concludes with a speech from the FED chair. Thursday: jobless claims, the Philly FED and leading indicators.
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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