Market Weekend Update - SHORT TERM By: Tony Caldaro | March 24, 2018
After the Minor wave b high at SPX 2802 the decline started slowly, then picked up momentum as it continued. This is similar to the action from the all-time high at SPX 2873. At the final low for Minor wave ‘a’ a similar RSI +div appeared on the hourly chart as appears today. With an end of quarter and a holiday this week the market could be setting up for a downtrend low.
The quantified five waves down we have noted for Minor c, from Minor b SPX 2802: 2741-2762-2695-2739-2586 so far. The fifth wave is much longer than the first two declines, which are about equal. Fibonacci suggests the OEW 2575 pivot range could act as good support. And if it doesn’t hold a retest of SPX 2533 will likely follow. Best to your trading!
FOREIGN MARKETS
Asian markets were all lower ad lost 3.1%.
Europe markets were all lower and lost 3.7%.
The DJ World index lost 4.3%, and the NYSE lost 4.8%.
COMMODITIES
Bonds remain in a downtrend and lost 0.1%.
Crude appears to be uptrending and gained 5.6%.
Gold appears to be uptrending and gained 2.9%.
The USD also appears to be uptrending but lost 0.9%.
NEXT WEEK
Tuesday: Case-Shiller and consumer confidence. Wednesday: Q4 GDP (est. 2.8%), pending home sales. Thursday: weekly jobless claims, personal income/spending, Chicago PMI, and consumer sentiment. Friday a national holiday.
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
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.