Market Weekend Update - SHORT TERM By Tony Caldaro | July 29, 2017
Tracking this uptrend from the July SPX 2408 low has been somewhat tedious. Volatility is so low that the entire rise to SPX 2484 has hardly produced any quantified short term waves. It just looks like a steady grind higher for nearly the entire month. Our very short-term count displays five waves: 2432-2413-2478-2465-2484, then this week’s decline to 2460. This suggests this uptrend is impulsive and not a B wave after all.
Our simpler short-term count displays just three waves: 2432-2413-2484, then the decline to 2460. Suggesting the uptrend is a corrective B wave that may have completed at the high. A rally, however, to SPX 2484+ would suggest it is an impulsive fives waves. Plus, a rally above SPX 2486 would eliminate the B wave scenario too. It appears to be a good spot for bearish traders, with an identifiable stop, while investors await the outcome. Short term support remains at the 2456 and 2444 pivots, with resistance at the 2479 and 2525 pivots. Short term momentum ended the week around neutral. Best to your weekend!
FOREIGN MARKETS
The Asian markets were mostly higher and gained 0.3%.
European markets also gained 0.3%.
The DJ World gained 0.1%, and the NYSE gained 0.3%.
COMMODITIES
Bonds remain in a downtrend and lost 0.3%.
Crude is in an uptrend and gained 8.6%.
Gold appears to be in an uptrend and gained 1.1%.
The USD remains in a downtrend and lost 0.3%.
NEXT WEEK
Monday: Chicago PMI at 9:45, and pending home sales at 10am. Tuesday: consumer income/spending, the CPI, construction spending, auto sales and ISM manufacturing. Wednesday: the ADP. Thursday: jobless claims, ISM services and factory orders. Friday: monthly payrolls and the trade deficit.
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