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Saturday, May 05, 2018 10:03:17 AM
Market Weekend Update - Short Term
By: Tony Caldaro | May 5, 2018
The short term patterns during this correction have displayed signs of impulsiveness activity, but have all ended in corrective activity. Even Thursday/Friday’s rally from SPX 2595 looks impulsive. But will it hold? Recent market activity suggests not likely.
Going back to the beginning of April you can clearly see from the above chart the price activity has been corrective. There was a rally early that looked positive (2553-2672), but it failed with a choppy follow up.
Technically Thursday’s low did provide some positive RSI divergences on the hourly and daily charts. And the market responded with a good rally. SPX 2683/84 is the next resistance, then SPX 2717. A failure at SPX 2670 might lead to another three waves down into the final low. Stay tuned. Short term support is at the 2656 and 2532 pivots, with resistance at the 2731 and 2780 pivots. Short term momentum ended the week overbought.
FOREIGN MARKETS
Asian markets were mostly lower on the week for a lost of 0.2%.
European markets were mostly higher and gained 0.4%.
The DJW index lost 0.5%, and the NYSE lost 0.8%.
COMMODITIES
Bonds remain in a downtrend and lost 0.2%.
Crude nearly hit $70 and gained 2.4% in its uptrend.
Gold is back in a downtrend and lost 0.7%.
The USD continues its uptrend and gained 1.2%.
NEXT WEEK
Monday: consumer credit. Wednesday: the PPI and wholesale inventories. Thursday: weekly jobless claims, the CPI and the federal budget. Friday: export/import prices and consumer sentiment.
CHARTS: https://stockcharts.com/public/1269446/tenpp
https://caldaro.wordpress.com/2018/05/05/weekend-update-652/
• DiscoverGold
Click on "In reply to", for Authors past commentaries
By: Tony Caldaro | May 5, 2018
The short term patterns during this correction have displayed signs of impulsiveness activity, but have all ended in corrective activity. Even Thursday/Friday’s rally from SPX 2595 looks impulsive. But will it hold? Recent market activity suggests not likely.
Going back to the beginning of April you can clearly see from the above chart the price activity has been corrective. There was a rally early that looked positive (2553-2672), but it failed with a choppy follow up.
Technically Thursday’s low did provide some positive RSI divergences on the hourly and daily charts. And the market responded with a good rally. SPX 2683/84 is the next resistance, then SPX 2717. A failure at SPX 2670 might lead to another three waves down into the final low. Stay tuned. Short term support is at the 2656 and 2532 pivots, with resistance at the 2731 and 2780 pivots. Short term momentum ended the week overbought.
FOREIGN MARKETS
Asian markets were mostly lower on the week for a lost of 0.2%.
European markets were mostly higher and gained 0.4%.
The DJW index lost 0.5%, and the NYSE lost 0.8%.
COMMODITIES
Bonds remain in a downtrend and lost 0.2%.
Crude nearly hit $70 and gained 2.4% in its uptrend.
Gold is back in a downtrend and lost 0.7%.
The USD continues its uptrend and gained 1.2%.
NEXT WEEK
Monday: consumer credit. Wednesday: the PPI and wholesale inventories. Thursday: weekly jobless claims, the CPI and the federal budget. Friday: export/import prices and consumer sentiment.
CHARTS: https://stockcharts.com/public/1269446/tenpp
https://caldaro.wordpress.com/2018/05/05/weekend-update-652/
• DiscoverGold
Click on "In reply to", for Authors past commentaries
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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