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Sunday, August 12, 2018 9:37:59 AM
Market Weekend Update - Short Term
By: Tony Caldaro | August 11, 2018
After completing Minor wave 2 in late-June, the SPX rallied in five waves to 2863: 2743-2699-2848-2796-2863. This looks like it was just Minute wave i of Minor wave 3, and the recent decline is Minute wave ii. Significant pullbacks during this uptrend have been between 65 and 122 points. This would suggest a minimum decline into the SPX 2790’s is underway. SPX 2796-2798 was also the 4th wave of a lesser degree, and 2791 was the high of Minor wave 1. Technically there would appear to be, in addition to the 2798 pivot, lots of support in the SPX 2790’s.
Current short term support is at the 2798 and 2780 pivots, with resistance at the 2835 and 2858 pivots. Short term momentum ended the week oversold. Best to your trading!
>>> Read More…
• DiscoverGold
Click on "In reply to", for Authors past commentaries
By: Tony Caldaro | August 11, 2018
After completing Minor wave 2 in late-June, the SPX rallied in five waves to 2863: 2743-2699-2848-2796-2863. This looks like it was just Minute wave i of Minor wave 3, and the recent decline is Minute wave ii. Significant pullbacks during this uptrend have been between 65 and 122 points. This would suggest a minimum decline into the SPX 2790’s is underway. SPX 2796-2798 was also the 4th wave of a lesser degree, and 2791 was the high of Minor wave 1. Technically there would appear to be, in addition to the 2798 pivot, lots of support in the SPX 2790’s.
Current short term support is at the 2798 and 2780 pivots, with resistance at the 2835 and 2858 pivots. Short term momentum ended the week 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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