Market Weekend Update - SHORT TERM By: Tony Caldaro | November 11, 2017
If Minute iii did end in the SPX it probably topped at 2588. The spike up to SPX 2597 was probably NDX/NAZ related, as they looked to have topped out. The action from SPX 2588 could be an irregular flat ‘a’ wave: 2566-2597-2566, which ended with a short term positive divergence. The consistent negative daily RSI/MACD divergences, both on the SPX and NAZ, appear to support this scenario. As all Micro wave tops during this Minor 5 have ended with negative divergences.
We noted during the week we are watching these two levels SPX: 2566 and 2597. A break below SPX 2566 would suggest Minute iv is underway. A breakout above SPX 2597 would naturally suggest Micro 5 is not done yet. We’ll continue with those parameters. Short term support is at the 2575 pivot and SPX 2566, with resistance at the 2594 and 2632 pivots. Short term momentum ended the week around neutral. Best to your trading!
FOREIGN MARKETS
Asian market were mostly higher on the week for a net gain of 0.9%.
European market were all lower and lost 2.2%.
The DJ World index lost 0.3%, and the NYSE lost 0.4%.
COMMODITIES
Bonds continue to downtrend but gained 0.4%.
Crude continues to uptrend and gained 2.0%.
Gold remains in a downtrend and lost 0.4%.
The USD remains in an uptrend but lost 0.6%.
NEXT WEEK
Monday: Budget deficit at 2pm. Tuesday: PPI. Wednesday: CPI, retail sales, the NY FED and business inventories. Thursday: jobless claims, export/import prices, the Philly FED, industrial production (+0.4%), and the NAHB. Friday: housing starts, building permits and options expiration.
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