As noted above we see five waves completed, with the first four waves overlapping, during Minute wave iii: 2282-2257-2301-2267-2351. This suggests Minute iii is subdividing into at least 9 waves. With the daily/weekly RSI quite overbought the sixth wave, a pullback of about 30 points, can occur at any time. But this should only be a pause in this extending uptrend.
Since third waves are usually at least equal to first waves, this would give us a general upside target in the SPX 2420’s just for Minute wave iii. And this uptrend may not even end there, as there are still Minute waves iv and v to follow. For now, we’ll just take it one pivot at a time and monitor the short term waves. Short term support is at the 2336 and 2321 pivots, with resistance at SPX 2351 and the 2385 pivot. Short term momentum ended the week with a negative divergence. In strong uptrends it is usually best to first wait for at least a 5-point reversal at a negative divergence. Best to your trading come Tuesday.
FOREIGN MARKETS
Asian markets were all higher and gained a net of 0.8% on the week.
European markets were also all higher and gained 0.8% as well.
The DJ World index gained 1.0%, and the NYSE index gained 1.2%.
COMMODITIES
Bonds are back in a downtrend and lost 0.1% on the week.
Crude is trying to establish an uptrend but lost 0.2%.
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