Market Weekend Update - SHORT TERM By Tony Caldaro | July 15, 2017
After the SPX 2454 uptrend high, the market declined in a series of overlapping waves to 2408 last week. After that the market has rallied in three waves up: 2432-2413-2464. With the third wave including a gap up. Thus far this looks impulsive, favoring the Minute iii scenario. A decline below SPX 2432 would turn it into a corrective move, and the correction would likely resume. Either way it is a bull market.
Short term support is at the 2456 and 2444 pivots, with resistance at the 2479 and 2525 pivots. Short term momentum ended the week extremely overbought.
FOREIGN MARKETS
Asian markets were all higher on the week and gained 1.7%.
European markets were also all higher and gained 1.6%.
The DJ World index gained 2.1%, and the NYSE gained 1.2%.
COMMODITIES
Bonds remain in a downtrend but gained 0.6%.
Crude is trying to uptrend and gained 5.2%.
Gold remains in a downtrend but gained 1.5%.
The USD is also in a downtrend and lost 0.9%.
NEXT WEEK
Monday: NY FED at 8:30. Tuesday: import prices and the homebuilders index. Wednesday: housing starts and building permits. Thursday: jobless claims, the Philly FED and leading indicators. Friday: options expiration. Best to your weekend and week!