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Saturday, June 23, 2018 12:02:49 PM
Market Weekend Update - Short Term
By: Tony Caldaro | June 23, 2018
While we do have a Minor 1-2, Minute i-ii, and now possibly a Micro 1-2 posted, we have been noting that the internal structure of these waves looks choppy compared to other uptrends in the bull market. Currently we have three waves up from SPX 2677 (2729, 2701, and 2791). After that three waves down, which may be a fourth wave flat (2743, 2775, 2744). SPX 2729 is a key level in this structure.
If the market rises above 2791 it starts to look impulsive. If it breaks down below 2729 the corrective activity continues. Short term support is at SPX 2742/43 and the 2731 pivot, with resistance at the 2780 and 2798 pivots. Short term momentum ended the week with a positive divergence. Best to your trading!
FOREIGN MARKETS
Asian markets were mostly lower and lost 1.6%.
European markets were also mostly lower and lost 0.9%.
The DJ World index lost 1.0%, and the NYSE lost 0.6%.
COMMODITIES
Bonds could be uptrending and gained 0.1% on the week.
Crude also could be uptrending and gained 5.4%.
Gold remains in a downtrend and lost 0.6%.
The USD remains in an uptrend but lost 0.1% on the week.
NEXT WEEK
Monday: new home sales at 10am. Tuesday: Case-Shiller and consumer confidence. Wednesday: durable goods and pending home sales. Thursday: Q1 GDP (est. 2.3%) and weekly jobless claims. Friday: personal income/spending, core inflation, consumer sentiment, and Chicago PMI.
CHARTS: http://stockcharts.com/public/1269446/tenpp
>>> Read More…
• DiscoverGold
Click on "In reply to", for Authors past commentaries
By: Tony Caldaro | June 23, 2018
While we do have a Minor 1-2, Minute i-ii, and now possibly a Micro 1-2 posted, we have been noting that the internal structure of these waves looks choppy compared to other uptrends in the bull market. Currently we have three waves up from SPX 2677 (2729, 2701, and 2791). After that three waves down, which may be a fourth wave flat (2743, 2775, 2744). SPX 2729 is a key level in this structure.
If the market rises above 2791 it starts to look impulsive. If it breaks down below 2729 the corrective activity continues. Short term support is at SPX 2742/43 and the 2731 pivot, with resistance at the 2780 and 2798 pivots. Short term momentum ended the week with a positive divergence. Best to your trading!
FOREIGN MARKETS
Asian markets were mostly lower and lost 1.6%.
European markets were also mostly lower and lost 0.9%.
The DJ World index lost 1.0%, and the NYSE lost 0.6%.
COMMODITIES
Bonds could be uptrending and gained 0.1% on the week.
Crude also could be uptrending and gained 5.4%.
Gold remains in a downtrend and lost 0.6%.
The USD remains in an uptrend but lost 0.1% on the week.
NEXT WEEK
Monday: new home sales at 10am. Tuesday: Case-Shiller and consumer confidence. Wednesday: durable goods and pending home sales. Thursday: Q1 GDP (est. 2.3%) and weekly jobless claims. Friday: personal income/spending, core inflation, consumer sentiment, and Chicago PMI.
CHARTS: http://stockcharts.com/public/1269446/tenpp
>>> Read More…
• 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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