Market Weekend Update - SHORT TERM By: Tony Caldaro | April 7, 2018
As noted above, the five wave rally was: 2619-2574-2672-2650-2672. There was a weak 5th wave, so support could be between the wave 1 high and wave 2 low (2574-2619). The Fibonacci support levels did not hold during Friday’s selloff: 2599, 2613, and 2627, as the SPX dropped down to 2584 before rebounding some into the close.
Should SPX 2574 be broken to the downside, then this recent rally is probably just part of an ongoing Int. iv correction. The SPX will need to get back above the mid-2600’s to turn things positive again short term. Short term momentum ended the week quite oversold. Best to your trading!
FOREIGN MARKETS
Asian markets were mixed and gained 0.2%.
European markets were mostly higher and gained 1.1%.
The DJ World index lost 0.6%, and the NYSE lost 0.8%.
COMMODITIES
Bonds are uptrending but lost 0.1% on the week.
Crude is uptrending but lost 4.4%.
Gold is in a downtrend but gained 0.7%
The USD is uptrending and gained 0.4%.
NEXT WEEK
Tuesday: PPI and wholesale inventories. Wednesday: the CPI, budget deficit and the FOMC minutes. Thursday: jobless claims and export/import prices. Friday: consumer sentiment.
News 
Market Data 
Discover 
