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Sunday, July 01, 2018 9:37:48 AM
Market Weekend Update - Short Term
By: Tony Caldaro | June 30, 2018
We were tracking this uptrend, despite the internal choppiness, as an impulse wave until this week. This week the SPX broke below 2742, and then traded below that for most of the week. We now have three overlapping larger waves from the uptrend low in early April. Certainly looks corrective. Unless, the market is unfolding in this new count posted on the hourly chart. It has a low probability at this time, and we’ll leave it at that for now.
Should the triangle scenario continue to unfold, a likely low would occur in the low – mid 2600’s. There are OEW pivots at 2632 and 2656. Also the low could come as early as this week. If it looks like this is occurring we will post a daily update. Short term support is at the 2656 and 2632 pivots, with resistance at the 2731 and 2780 pivots. Short term momentum ended the week nearly oversold. Best to your trading!
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By: Tony Caldaro | June 30, 2018
We were tracking this uptrend, despite the internal choppiness, as an impulse wave until this week. This week the SPX broke below 2742, and then traded below that for most of the week. We now have three overlapping larger waves from the uptrend low in early April. Certainly looks corrective. Unless, the market is unfolding in this new count posted on the hourly chart. It has a low probability at this time, and we’ll leave it at that for now.
Should the triangle scenario continue to unfold, a likely low would occur in the low – mid 2600’s. There are OEW pivots at 2632 and 2656. Also the low could come as early as this week. If it looks like this is occurring we will post a daily update. Short term support is at the 2656 and 2632 pivots, with resistance at the 2731 and 2780 pivots. Short term momentum ended the week nearly oversold. Best to your trading!
>>> 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!
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