Market Weekend Update - SHORT TERM By: Tony Caldaro | October 28, 2017
The two month Micro 3 count we had been tracking unfolded as follows. Nano 1. 2455, Nano 2. 2428, Nano 3. 2480-2447-2509-2488-2564, Nano 4. 2548, Nano 5. 2578. That concluded on Monday this week. Then after a two-day Micro wave 4 to SPX 2544, the market rallied to new highs on Friday during Micro 5.
When Micro 5 concludes, so does Minute wave iii, then Minute iv should decline about 50 +/- points. Possibly back to the SPX 2540’s again if it tops at the OEW 2594 pivot range. Then after Minute iv concludes Minute v will carry the market to new all-time highs as the Minor wave 5 uptrend continues. Short term support is at the 2575 pivot and SPX 2544, with resistance at the 2594 pivot. Short term momentum ended the week quite overbought. Best to your trading!
FOREIGN MARKETS
Asian markets were mostly higher on the week and gained 1.0%.
European markets were mixed but gained 0.7%.
The DJ World index was flat, and the NYSE lost 0.5%.
COMMODITIES
Bonds continue to downtrend and lost 0.1%.
Crude is still in an uptrend and gained 4.0%.
Gold continues to downtrend and lost 0.7%.
The USD remains in an uptrend and gained 1.0%.
NEXT WEEK
Monday: personal income/spending at 8:30. Tuesday: Case-Shiller, the Chicago PMI and consumer confidence. Wednesday: the ADP, ISM manufacturing, construction spending, auto sales, and the FOMC statement. Thursday, jobless claims. Friday: monthly payrolls (est. 300K), trade deficit, ISM services an factory orders.
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