From the downtrend low at SPX 2329 we counted 5 waves up to SPX 2406 on one timeframe, and 9 waves up on a shorter timeframe. Since both were impulse patterns we expected higher prices after a pullback. The pullback, however, was much larger than expected: 2406-2353. But the market rebounded quickly by making new all-time highs the following week. As a result we upgraded the labeling to SPX 2406 Minute i, SPX 2353 Minute ii, and SPX 2419 Minute iii so far.
Minute iii has been quite steady and strong, 66-points, and it has not had a notable pullback since it began. The strongest rally during Minute i was 53-points, during the 3 of 3 portion of that wave. This suggests one of two things: (1) Minute iii may not have a pullback until it ends, or (2) Minute iii will be quite strong with subdivisions of its own. Will leave both open as possibilities. Short term support is at the 2411 and 2385 pivots, with resistance at the 2428 and 2444 pivots. Short term momentum ended the week above neutral. Best to your trading!
FOREIGN MARKETS
Asian markets were all higher on thee week for a 1.4% gain.
European markets were mixed and ended mixed.
The DJ World index gained 0.9%, and the NYSE gained 0.8%.
COMMODITIES
Bonds are trying to uptrend but ended flat on the week.
Crude is trying to uptrend and gained 1.7% on the week.
Gold is also trying to uptrend and gained 1.2% on the week.
The USD remains in a downtrend but gained 0.2% on the week.
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