Market Weekend Update - SHORT TERM By: Tony Caldaro | April 21, 2018
We were tracking the rally from SPX 2554 with a potential impulsive count. We had Minor waves 1 and 2 at SPX 2673 and 2586. Then a Minor 3 underway. Minor 3 divided into three Minutes waves: 2665, 2645, 2717. Then it blew up on Friday, when the market dropped below 2665. Now all we have is a lot of corrective activity from the high at SPX 2672 in early April. This potential uptrend no longer looks to have any chance of being impulsive.
Under the market we can see three potentials levels of medium term support: 2586, 2554, and 2533. Let’s see what the technicals looks like as these levels are hit. Short term support is at the 2656 and 2632 pivots, with resistance at the 2731 and 2780 pivots. Short term momentum ended the week oversold. Best to your trading this volatile market!
FOREIGN MARKETS
Asian markets were mostly higher and gained 0.3%.
European markets were all higher and gained 1.7%.
The DJ World index gained 0.4%, and the NYSE gained 0.5%.
COMMODITIES
Bonds are now in a downtrend and lost 0.8%.
Crude remains in an uptrend and gained 1.5%.
Gold is also in an uptrend but lost 0.7%.
The USD is in an uptrend and gained 0.6%.
NEXT WEEK
Monday: Chicago PMI and existing home sales. Tuesday: Case-Shiller, consumer confidence and new home sales. Thursday: weekly jobless claims, and durable goods. Friday: Q1 GDP (est. 2.1%) and consumer sentiment.
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