Market Weekend Update - Short Term By: Tony Caldaro | April 28, 2018
The month of April started with such promise. The SPX had made a double bottom. There were positive divergences everywhere. Strong earnings were expected to be reported. And the GDP was still near 3%. The market started with a strong rally from SPX 2554 – 2672. Then after a pullback to SPX 2586 still in the first week, the choppy/corrective activity began and lasted throughout the month.
Expecting more of the same until this complex Int. wave iv completes its pattern. Short term support is at the 2656 and 2632 pivots, with resistance at the 2731 and 2780 pivots. Short term momentum ended the week just above neutral. Best to your trading!
FOREIGN MARKETS
Asian markets were mostly higher and gained 0.7%.
European markets were all higher and gained 0.6%.
The DJ World index lost 0.3%, and the NYSE lost 0.1%.
COMMODITIES
Bonds remain in a downtrend and lost 0.1%.
Crude is still in an uptrend but lost 0.4%.
Gold may be in a downtrend and lost 1.1%.
The USD remains in an uptrend and gained 1.4%.
NEXT WEEK
Monday: personal incoming /spending and the CPI at 8:30, then the Chicago PMI at 10am. Tuesday: ISM, construction spending, and auto sales. Wednesday: the ADP and FOMC statement. Thursday: weekly jobless claims, trade deficit, ISM services and factory orders. Friday: monthly payrolls (est. 103K). Best to your weekend and week!
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