Market Weekend Update - SHORT TERM By: Tony Caldaro | April 14, 2018
As noted last weekend, the Minor wave 1 rally looked quite impulsive. Minor wave 2 was steep, but most second waves have been steep in this bull market. The rally from the Minor 2 low looks like a leading diagonal triangle to SPX 2665. After that the rest of the week was quite sloppy: pullback to 2639, three waves to 2680, now another pullback to 2645. A decline to SPX 2639 would make that three days looks like an irregular flat. Lower, an irregular zigzag. Much lower, and the entire advance from SPX 2586 starts looking corrective.
Short term support is at the 2656 and 2632 pivots, with resistance at the 2731 and 2780 pivots. Short term momentum ended the week with an ongoing negative divergence. It has been a day traders market for a couple of months now. Best to your trading!
FOREIGN MARKETS
Asian markets were all higher on the week and gained 1.3%.
European markets were also all higher and gained 1.2%.
The DJ World index (DJW) gained 1.5%, and the NYSE gained 1.6%.
COMMODITIES
Bonds continue to uptrend but lost 0.5%.
Crude continues to uptrend and gained 8.6%.
Gold is in an uptrend and gained 0.9%.
The USD remains in an uptrend but lost 0.4%.
NEXT WEEK
Monday: retail sales and the NYV FED at 8:30, the NAHB and business inventories at 10am. Tuesday: housing starts, building permits, and industrial production. Wednesday: beige book. Thursday: jobless claims, Philly FED and leading indicators. Friday: options expiration. Plus, lots of FED speeches during the week.
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