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Saturday, September 30, 2017 9:19:25 AM
Market Weekend Update - SHORT TERM
By: Tony Caldaro | September 30, 2017
Minute waves i and iii of this Minor 5 uptrend look quite similar. Minute i had a strong Micro 1, a steep Micro 2, a strong Micro 3, then shallow Micro waves 4 and 5. Look how favorably Minute iii compares. In fact, Minute iii will equal Minute i at SPX 2531, (within the 2525 pivot range).
The Micro 3 short term count from SPX 2417: 1. 2455, 2. 2428, 3. 2480-2447-2509-2488-2519 so far. After the current rally ends there should be about a 20 point pullback, then one more rally to new highs to complete Micro wave 3’s five waves. Then after a smallish Micro 4 and Micro 5, Minute wave iii will end. Short term support is at the 2479 and 2456 pivots, with resistance at the 2525 pivot. Short term momentum ended the week quite overbought. Best to your trading!
FOREIGN MARKETS
Asian markets were mostly lower for the week losing 0.4%.
European markets were all higher gaining 0.9%.
The DJ World index gained 0.1%, while the NYSE gained 0.5%.
COMMODITIES
Bonds are in a downtrend and lost 0.6% on the week.
Crude continues to uptrend and gained 2.0%.
Gold appears to be in a downtrend and lost 1.0%.
The USD looks to be uptrending for the first time in many months and gained 1.1%.
NEXT WEEK
Monday: ISM and construction spending at 10am. Tuesday: auto sales. Wednesday: ADP and ISM services. Thursday: jobless claims, the trade deficit and factory orders. Friday: monthly payrolls (+156K), wholesale inventories and consumer credit.
CHARTS: https://stockcharts.com/public/1269446/tenpp
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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 30, 2017
Minute waves i and iii of this Minor 5 uptrend look quite similar. Minute i had a strong Micro 1, a steep Micro 2, a strong Micro 3, then shallow Micro waves 4 and 5. Look how favorably Minute iii compares. In fact, Minute iii will equal Minute i at SPX 2531, (within the 2525 pivot range).
The Micro 3 short term count from SPX 2417: 1. 2455, 2. 2428, 3. 2480-2447-2509-2488-2519 so far. After the current rally ends there should be about a 20 point pullback, then one more rally to new highs to complete Micro wave 3’s five waves. Then after a smallish Micro 4 and Micro 5, Minute wave iii will end. Short term support is at the 2479 and 2456 pivots, with resistance at the 2525 pivot. Short term momentum ended the week quite overbought. Best to your trading!
FOREIGN MARKETS
Asian markets were mostly lower for the week losing 0.4%.
European markets were all higher gaining 0.9%.
The DJ World index gained 0.1%, while the NYSE gained 0.5%.
COMMODITIES
Bonds are in a downtrend and lost 0.6% on the week.
Crude continues to uptrend and gained 2.0%.
Gold appears to be in a downtrend and lost 1.0%.
The USD looks to be uptrending for the first time in many months and gained 1.1%.
NEXT WEEK
Monday: ISM and construction spending at 10am. Tuesday: auto sales. Wednesday: ADP and ISM services. Thursday: jobless claims, the trade deficit and factory orders. Friday: monthly payrolls (+156K), wholesale inventories and consumer credit.
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!
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