Market Weekend Update - Short Term By: Tony Caldaro | June 9, 2018
As noted above. This uptrend has been rising since the early April low at SPX 2554. Internally it has been somewhat choppy compared to other uptrends in this bull market. However, the larger waves within the uptrend do suggest the market is progressing impulsively.
We have labeled Minor waves 1 and 2 at SPX 2717 and 2595. Then Minute waves i and ii at SPX 2742 and 2677. Minute wave iii should be underway at this time. Short term support is at the 2731 and 2656 pivots, with resistance at the 2780 and 2798 pivots. Short term momentum ended the week overbought. Best to your trading!
FOREIGN MARKETS
Asian markets were mostly higher and gained 1.0% for the week.
European markets were mixed and lost 0.15% for the week.
The DJW index gained 1.3%, while the NYSE gained 1.7%.
COMMODITIES
Bonds remain in a downtrend and lost 0.2% on the week.
Crude is also in a downtrend and lost 0.1%.
Gold, a downtrend here as well, but gained 0.3%.
The USD is in an uptrend but lost 0.8% on the week.
NEXT WEEK
Tuesday: CPI and FED budget. Wednesday: PPI and FOMC statement. Thursday: jobless claims, retail sales, export/import prices, and business inventories. Friday: industrial production, the NY FED, and consumer sentiment. Best to your investing week!
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