Market Weekend Update - SHORT TERM By Tony Caldaro | July 22, 2017
The advance of this uptrend, thus far, does look impulsive. On our quantitative short-term count we have three waves up from SPX 2408: 2432-2413-2478. A fairly strong third wave. A smaller short-term count displays an unquantified six wave sequence: 2432-2413-2464-2650-2478-2465.
Both of the counts can become a corrective three waves if the uptrend ends around current levels with a marginal new high. Then the C wave down, of Int. iv would take over. If the market breaks through the OEW 2479 pivot, Minute iii is underway, and Minor 5 is subdividing and extending. Short term support is at the 2456 and 2444 pivots, with resistance at the 2479 and 2525 pivots. Short term momentum ended the week just above neutral. Best to your trading!
FOREIGN MARKETS
Asian markets for the week were mostly higher gaining 0.3%.
European markets are not doing too well. The CAC, DAX, IBEX and SMI are still in downtrends since May/June. Most were lower and lost 1.5%.
The DJ World index gained 0.6%, and the NYSE gained 0.2%.
COMMODITIES
Bonds are trying to uptrend again and gained 0.6%.
Crude remains in a downtrend and lost 1.7%.
Gold is trying to uptrend again and gained 2.2%.
The USD remains in a prolonged downtrend and lost 0.9%. Elsewhere the Euro, Swiss Franc and Aussie dollar have all confirmed new Cyclical bull markets. The other currencies should also confirm in the months ahead, and the USD should confirm a new bear market. The 6-year long rising USD ended on January, 03 2017.
NEXT WEEK
Monday: existing home sales at 10am. Tuesday: Case-Shiller and consumer confidence. Wednesday: new home sales and the FOMC statement. Thursday: jobless claims, and durable goods. Friday: Q2 GDP (est. 2.8%) and consumer sentiment. Best to your week!
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