Market Weekend Update - SHORT TERM By: Tony Caldaro | September 30, 2017
Minute waves i and iii of this Minor 5 uptrend look quite similar. Minute i had a strong Micro 1, a steep Micro 2, a strong Micro 3, then shallow Micro waves 4 and 5. Look how favorably Minute iii compares. In fact, Minute iii will equal Minute i at SPX 2531, (within the 2525 pivot range).
The Micro 3 short term count from SPX 2417: 1. 2455, 2. 2428, 3. 2480-2447-2509-2488-2519 so far. After the current rally ends there should be about a 20 point pullback, then one more rally to new highs to complete Micro wave 3’s five waves. Then after a smallish Micro 4 and Micro 5, Minute wave iii will end. Short term support is at the 2479 and 2456 pivots, with resistance at the 2525 pivot. Short term momentum ended the week quite overbought. Best to your trading!
FOREIGN MARKETS
Asian markets were mostly lower for the week losing 0.4%.
European markets were all higher gaining 0.9%.
The DJ World index gained 0.1%, while the NYSE gained 0.5%.
COMMODITIES
Bonds are in a downtrend and lost 0.6% on the week.
Crude continues to uptrend and gained 2.0%.
Gold appears to be in a downtrend and lost 1.0%.
The USD looks to be uptrending for the first time in many months and gained 1.1%.
NEXT WEEK
Monday: ISM and construction spending at 10am. Tuesday: auto sales. Wednesday: ADP and ISM services. Thursday: jobless claims, the trade deficit and factory orders. Friday: monthly payrolls (+156K), wholesale inventories and consumer credit.
Market Weekend Update - SHORT TERM By: Tony Caldaro | October 7, 2017
We have been tracking the nano and pico waves quantitatively that create each of the Micro waves as they unfold. We have not added this labeling to the hourly chart, to avoid clutter. But we do discuss the wave pattern of each unfolding Micro wave in the daily/weekly write up.
Micro wave 3 from the SPX 2417 low has continued to unfold in a relatively simple pattern. Nano 1. 2455, Nano 2. 2428, Nano 3. 2480-2447-2509-2488-2553 so far. We still need to see an end to Nano 3. Then after a Nano 4 pullback, another push to new highs to complete Nan0 5 and Micro 3. But this still doesn’t end the Minor 5 uptrend. We continue to take it just one wave at a time. Short term support is at the 2525 and 2479 pivots, with resistance at the 2575 and 2594 pivots. Short term momentum spent 5-days extremely overbought, then broke below neutral on Friday. Best to your trading!
FOREIGN MARKETS
The Asian markets were all higher this week, especially H.K. +3.3%, for a net gain of 1.4%.
The European markets were mixed and ended the week mixed.
The DJ World index gained 0.9%, and the NYSE also gained 0.9%.
COMMODITIES
Bonds are in a downtrend and lost 0.2%.
Crude is still in an uptrend but lost 4.5% on the week.
Gold is in a downtrend and lost 0.8%.
The USD is in an uptrend and gained 1.0%.
NEXT WEEK
Monday: bank holiday markets open. Wednesday: the FOMC minutes. Thursday: jobless claims and the PPI. Friday: the CPI, consumer sentiment, retail sales and business inventories. Best to your extended weekend, if you have one.
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