Market Weekend Update - SHORT TERM By: Tony Caldaro | January 6, 2018
Minute v started off a bit choppy, but has spent most of the past four weeks just climbing higher and higher. During the choppiness we were able to quantify four waves: 2590-2578-2658-2606. Since then, despite a few decent pullbacks, only one upwave has quantified from SPX 2606.
This activity suggests SPX 2590 and 2578 might be Micro waves 1 and 2, and SPX 2658-2606-2743 might be a subdividing Micro 3. We labeled this on the chart with the orange 1-2 and the gray i-ii-iii underway. With the market sailing through another pivot this week OEW 2780 appears to be the next target. Short term support at 2731 and 2656, with resistance at 2780. Short term momentum ended with a potential negative divergence. Best to your trading in the New Year!
FOREIGN MARKETS
Asian markets were all higher and gained 2.2%.
European markets were also all higher and gained 2.7%.
The DJ World index gained 2.7%, and the NYSE gained 2.3%.
COMMODITIES
Bonds are in a downtrend and lost 0.4% on the week.
Crude remains in an uptrend and gained 1.7% on the week.
Gold is in an uptrend and gained 1.6%.
The USD remains in a downtrend and lost 0.2% on the week.
NEXT WEEK
Monday: consumer credit at 3pm. Wednesday: export/import prices and wholesale inventories. Thursday: weekly jobless claims, thee PPI and the budget deficit. Friday: the CPI, business inventories, and retail sales.
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