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Market Weekend Update - SHORT TERM
By: Tony Caldaro | November 18, 2017

With Minute iii longer than Minute i, Minute v can now be at any length. We are initially estimating that it will be short, in time and price, like so many fifth waves in the past. Our target for Minute iii was the OEW 2594 pivot range. Where it eventually hit twice before heading into Minute iv. Minute iv appears to have bottomed above our SPX 2540’s target at SPX 2557. We are expecting Minute v to top between the 2632 and 2656 pivot ranges.



Thus far from the Minute iv low, Minute v has rallied in two waves SPX: 2590-2578. These waves may be of Pico, Nano, or even Micro degree. It is too early to tell at this time. Whatever the outcome we do expect SPX 2557 to hold for Minute iv, and the market to make new all-time highs shortly. Short term support is at the 2575 pivot and SPX 2557, with resistance at the 2594 and 2632 pivots. Short term momentum ended the week oversold. Best to your trading during the upcoming holiday shortened week.

FOREIGN MARKETS

Asian markets for the week were mostly lower losing 0.8%.

European markets were also mostly lower losing 0.9%.

The DJ World index lost 0.1%, and the NYSE lost 0.2%.

COMMODITIES

Bonds continue to downtrend but gained 0.3%.

Crude remains in an uptrend but lost 0.1%.

Gold appears to be in an uptrend and gained 1.8%.

The USD appears to be in a downtrend and lost 0.5%.

NEXT WEEK

Monday: leading indicators at 10am. Tuesday: existing homes sales. Wednesday: weekly jobless claims, durable goods, consumer sentiment and the FOMC minutes. Thursday: Thanksgiving holiday. Friday: markets close at 1pm.

CHARTS: https://stockcharts.com/public/1269446/tenpp

https://caldaro.wordpress.com/2017/11/18/weekend-update-631/

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